Coveo (TSX:CVO), an AI platform that makes every digital
experience relevant, 1:1 personalized and profitable, announced
today
Coveo Relevance Generative Answering. This
new Generative AI question answering capability combines Large
Language Models (LLMs) on top of the leading secure unified
indexing capabilities of Coveo's AI platform. This makes
generative answering using LLMs applicable within enterprises,
where security, privacy, real-time sources of truth, relevance and
factuality are all key imperatives.
“Large Language Models (LLMs) such as ChatGPT and alternatives
have taken the world by storm. Despite their current shortcomings
for use in the enterprise (misinformation, hallucinations, no
personalization, expensive training costs, lack of privacy and
security, and questionable ethics, among others), we anticipate
that demand for Generative AI question answering experiences will
become ubiquitous in every digital experience, including in
commerce and customer service. In the enterprise, we believe that
search and generative question-answering need to be integrated,
coherent, based on current sources of truth with compliance for
security and privacy, providing relevant answers every time,” said
Laurent Simoneau, President, CTO and Co-Founder of Coveo. “We
are confident that Coveo’s very unique position to leverage our
unmatched expertise in AI and ability to build on the power of our
Coveo AI platform to make these LLM capabilities enterprise
ready.”
Coveo has been developing with and deploying LLM capabilities
with customers for a few years, delivering different capabilities
such as case classification and question answering through smart
snippets.
The Coveo Relevance Generative Answering, a new
capability within the Coveo Relevance Cloud™ AI platform, will be
available for customers with self-service use cases this summer,
followed by other use cases in customer service, commerce, website
and workplace search. This capability will leverage multiple LLMs,
depending on the use case, to deliver the best answer.
Coveo Relevance Generative Answering will combine
these LLM technologies with its own powerful enterprise search and
relevance technology using strategies like Retrieval Augmented
Generation (RAG).For example, in a self-service use case, Coveo
already creates a unified index of all customer service and
knowledge documents within an enterprise, wherever they live, and
keeps them fresh, secure, and private. When a specific user
searches for an answer, it will search this unified index, with the
security that this user has access to, and return the most relevant
content for the context of this user. Coveo Relevance
Generative Answering will then use an LLM to summarize
that relevant content corpus and create a personalized answer,
respecting the company's privacy and security, and provide
citations to the original documents to provide the source of truth,
both key imperatives for enterprise use.
“At Coveo, we understood a long time ago that there would be a
shift from traditional search experiences to AI-powered digital
experiences, and that’s why we have been investing in AI technology
for more than a decade,” said Louis Têtu, Chairman and CEO. “We
have built a market-leading AI platform, the Coveo Relevance
Cloud™, working closely with more than 625 leading enterprises
around the world, building AI models on massive and complex data
sets to pioneer the paradigm shift between traditional search and
AI experiences (answers, recommendations, 1:1 personalization,
etc.). We believe innovations like Coveo
Relevance Generative Answering once again lead the market
by solving key challenges for enterprises and will help our
customers improve their end customer and employee satisfaction,
increase customer loyalty, reduce costs, and grow profits.”
The new Coveo Relevance Generative Answering
will be discussed at Coveo Relevance 360o, a 60-minute virtual
event on March 23. To save your spot:
https://get.coveo.com/relevance360/
Read our blog to dig deeper:
http://coveo.com/blog/chatgpt-future-digital-experiences/
Or visit our website:
https://www.coveo.com/en/platform/generative-ai
About Coveo Solutions We believe that
relevance is critical for businesses to win in the new digital
experience economy and to serve people the way they expect while
ensuring optimal business performance, and that applied AI is an
imperative to achieve these goals.
Coveo Relevance Cloud™ is a market-leading AI platform that
optimizes relevance into digital experiences such as commerce,
service, website, and workplace applications. Coveo injects search,
recommendations, personalization, and merchandising AI models,
including testing and analytics. Coveo’s AI platform is
cloud-native SaaS, multi-tenant, API-first, and headless, and can
easily integrate into almost any digital experience, with AI models
designed to learn from every interaction to serve the next. Our
solutions are designed to provide tangible financial value to our
customers by helping to drive improvements in conversion, revenue,
and margins, reduce customer support costs, increase customer
satisfaction and website engagement, and improve employee
proficiency and satisfaction.
Our AI platform powers digital experience relevance for many of
the world’s most innovative brands, serving millions of people and
billions of interactions, and is supported by a large network of
global systems integrators and implementation partners. Coveo is a
Salesforce ISV Partner, a Global SAP CX Partner, and an Adobe
Accelerate Exchange Partner.
Coveo is a trademark of Coveo Solutions, Inc.
HighwirePRCoveomedia@coveo.com
Paul MoonInvestor Relationsinvestors@coveo.com
Forward-Looking Information
This press release contains “forward-looking information” and
“forward-looking statements” within the meaning of applicable
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forward-looking information is identified by the use of terms and
phrases such as “may”, “would”, “should”, ”could”, “might”, “will”,
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“strategy”, “scheduled”, “outlook”, “forecast”, “projection”, or
“prospect”, the negative of these terms and similar terminology,
including references to assumptions, although not all
forward-looking information contains these terms and phrases. In
addition, any statements that refer to expectations, intentions,
projections, or other characterizations of future events or
circumstances contain forward-looking information. Statements
containing forward-looking information are not historical facts but
instead represent management’s expectations, estimates, and
projections regarding future events or circumstances.
Forward-looking information is necessarily based on a number of
opinions, estimates, and assumptions that we considered appropriate
and reasonable as of the date such statements are made. Although
the forward-looking information contained herein is based upon what
we believe are reasonable assumptions, actual results may vary from
the forward-looking information contained herein. Certain
assumptions made in preparing the forward-looking information
contained in herein include, without limitation: our ability to
capitalize on growth opportunities and implement our growth
strategy; our ability to attract new customers, both domestically
and internationally; the success of our efforts to expand our
product portfolio and market reach; our ability to maintain
successful strategic relationships with partners and other third
parties; our future capital requirements; the available liquidity
under our revolving credit facility; the accuracy of our estimates
of market opportunity and growth forecasts; our success in
identifying and evaluating, as well as financing and integrating,
any acquisitions, partnerships, or joint ventures; our ability to
execute on our expansion plans; and the future impact of the
COVID-19 pandemic. Moreover, forward-looking information is subject
to known and unknown risks, uncertainties, and other factors, many
of which are beyond our control, that may cause the actual results,
level of activity, performance, or achievements to be materially
different from those expressed or implied by such forward-looking
information, including but not limited to macro-economic
uncertainties and the risk factors described under “Risk Factors”
in the Company’s most recently filed Annual Information Form
available under our profile on SEDAR at www.sedar.com. There can be
no assurance that such forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly,
prospective investors should not place undue reliance on
forward-looking information, which speaks only as of the date
made.
Moreover, we operate in a very competitive and rapidly changing
environment. Although we have attempted to identify important risk
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
risk factors not presently known to us or that we presently believe
are not material that could also cause actual results or future
events to differ materially from those expressed in such
forward-looking information. You should not rely on this
forward-looking information, as actual outcomes and results may
differ materially from those contemplated by this forward-looking
information as a result of such risks and uncertainties. Additional
information will also be set forth in other public filings that we
make available under our profile on SEDAR at www.sedar.com from
time to time. The forward-looking information provided in this
press release relates only to events or information as of the date
hereof, and are expressly qualified in their entirety by this
cautionary statement. Except as required by law, we do not assume
any obligation to update or revise any forward-looking information,
whether as a result of new information, future events, or
otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1b4a0ad0-70b3-46fc-8348-36084f581e39
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