Ottawa’s Strategic Innovation Fund will provide financing to Coveo as part of the Quebec City firm’s commitment to spend $100 million on research and development. (The Logic)

Talking point: Coveo’s customers in retail, financial services and technology use the firm’s technology to add AI-powered features like search, recommendations and customer-service tools to their products. While businesses can use large language models (LLMs) themselves, Coveo sells its expertise in applying AI. “LLMs are a commodity,” CEO Louis Têtu said in an interview last year, noting the value lies in “the engineering you do around it—how you use it.” Publicly-traded Coveo made a net loss of US$23 million on US$126 million in revenue in its fiscal year ending March. The firm has about 700 employees, some 40 per cent of whom work on R&D.