Canadian AI company, Coveo, has reported a significant increase in subscription revenue and exceeded projected losses as it prepares to launch its groundbreaking generative AI product. In its first quarter results for fiscal year 2024, Coveo announced a 15% year-over-year revenue climb and operating losses of US$7.6 million.
The company has also unveiled its latest venture into generative AI with the introduction of “Coveo Relevance Generative Answering.” Working closely with 45 partners, Coveo aims to provide a cost-effective and unified user experience, according to a news release.
Louis Tetu, Chairman and CEO of Coveo, explained that this new AI product builds upon the company’s existing software and represents a natural evolution of their innovation. Coveo prides itself on its software platform, which has been developed over the course of more than a decade, utilizing vast customer datasets.
Although the product is not yet available to the general public, design partners are expected to gain access in the upcoming quarter. Coveo anticipates a wider release later in the fiscal year, but the revenue projections for this year did not take the new technology into account.
Tetu emphasized that the impact on revenue will mostly occur in the latter half of the year and is expected to be minimal. Nevertheless, Coveo’s foray into generative AI has generated significant excitement within the industry and raises anticipation for the company’s future advancements in AI technology.
Q: What is Coveo’s new product?
A: Coveo has launched “Coveo Relevance Generative Answering,” a cutting-edge generative AI technology aimed at providing a unified user experience.
Q: How has Coveo’s revenue fared in the first quarter of fiscal year 2024?
A: Coveo reported a 15% increase in year-over-year revenue in the first quarter of fiscal year 2024.
Q: When will Coveo’s new product be available to the public?
A: The exact timeline for the wider release of Coveo’s new product remains uncertain, but access will be granted to design partners in the upcoming quarter.
Q: Will Coveo’s new product have an impact on revenue projections for this year?
A: The revenue projections for this fiscal year did not include the impact of Coveo’s new product, as its release is expected to have a minimal impact in the latter half of the year.