Big data analysis platform provider Coveo has announced that it has landed an $18 million funding round led by Canada’s Tandem Expansion Fund.
The company that recently launched its Coveo for Salesforce product, integrating Big Data insights into Salesforce CRM interface, is planning to spend the funding on expanding its sales and marketing activities, as well as scaling operations. Completing the latter task is supposed to get the company ready for “anticipated hyper growth,” Coveo stated in its press release.
The news of the funding round comes just a week after another big data startup, ClearStory Data, landed a $9 million Series A investment round, and one of the industry leaders Cloudera raised a whooping $65 million.
Coveo’s big data solution is set to make sense of fragmented data that comes from all sorts of sources, from legacy enterprise systems to social media, and give insights into customers, products, projects and people.
For Coveo, this is the fourth and the biggest funding round secured over the past 6 years, with the total investments reaching $34.7 million. In 2012, the company has seen “several year-over-year quarters in 2012 of 80 to 100 percent growth” and has been “operating at or close to profitability.”
Image credit: Justin Sullivan / Getty Images.
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