The Globe and Mail reports in its Friday, Oct. 30, edition that Coveo Solutions has bought Silicon Valley artificial intelligence start-up Anglerra, which helps retailers and brands compete for the attention of shoppers' AI assistants.
The Globe's Murad Hemmadi writes that Coveo's purchase of Anglera for an undisclosed amount is its first acquisition in five years.
The two-year-old startup's technology uses AI to evaluate a customer's product catalogue, filling in and fixing the data drawn from their own and suppliers' systems.
In early tests with clients, Anglera claims its technology has boosted sales and improved margins every time shoppers visit their on-line stores.
More accurate information is crucial for retailers and brands as more consumers delegate the task of finding products to AI assistants, says Coveo chief executive officer Laurent Simoneau. "If you have the wrong data, you're not going to serve those agentic commerce experiences."
Agentic AI refers to systems that can do tasks for users instead of just answering questions.
Coveo's technology sits between AI models and customers' data, helping chatbots and agents give better responses and complete tasks more effectively.
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