March 16, 2023 | Montreal, QC and San Francisco, CA
Coveo Announces Industry-first Relevance Generative Answering Capability Into its Coveo Relevance Cloud™ AI Platform
New Relevance Generative Answering capability, powered by the Coveo AI platform and LLMs, solves the key challenges of applying GPT within the enterprise
MONTREAL and SAN FRANCISCO – March 16, 2023 – 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 is a market-leading AI-powered relevance platform that injects search, recommendations, personalization, and merchandising intelligence into digital experiences such as commerce, service, website, and workplace applications. Coveo’s platform is cloud-native SaaS, multi-tenant, API-first, and headless, and can easily integrate into almost any digital experience. 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.
Forward-Looking Information
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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. Coveo is a trademark of Coveo Solutions, Inc.Stay up to date on the latest Coveo news and content by subscribing to the Coveo blog, and following Coveo on LinkedIn, Twitter, and YouTube.
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Paul Moon
Investor Relations
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