Coveo Solutions, which offers search engine technology for the enterprise, said it has raised $6 million in a first round of venture capital. The company, which is based in Quebec, has U.S. headquarters in Palo Alto.
The investment was led by Solidarity Fund QFL and Propulsion Ventures. This funding round also included investments from Fier Succes (sic) and existing investors of the company lead by AccÃ¨s Capital, the company said.
From the company’s statement:
Coveo announced that Benoit Hogue, Managing Partner, Propulsion Ventures, and Serge Michaud, Senior Investment Advisor, Information Technologies, Solidarity Fund QFL, have been appointed to serve on the company’s board of directors.
Coveo develops superior enterprise search products that are easy to deploy, highly secure, accurate, and that integrate seamlessly into the fabric of IT environments. The company’s flagship product Coveo Enterprise Search is based on leading edge Microsoft technologies and delivers unified search across all documents in the enterprise with “out-of-the-box” document level security, consumer-style ease of use, and unparalleled accuracy.
The round of funding enables Coveo to expand sales, product development, and channel operations to meet the growing demand for its product. In the past 12 months, Coveo has increased revenue by 400% and has acquired almost 300 enterprise customers including Chart Industries, Cincinnati Bell, Emerson, ESPN, Gilead Sciences, Hewlett Packard, Lockheed Martin, PricewaterhouseCoopers, Rabobank, US Navy, and Yellow Pages Group (Canada).
Coveo is a well positioned, high growth player in an expanding market. IDC Research has indicated that the market for content access tools (search and retrieval software) reached $943M in 2005, showing a growth rate of 24%. IDCs’ forecast for the search market in 2006 shows an overall growth rate of 32%.