IDEXX acquires AI-driven veterinary workflow platform in strategic move amid rising pet tech investment

Chicago Pacific Founders’ first exit from its pet fund sees IDEXX Laboratories acquire CoVet, highlighting growing investor interest in AI-enabled veterinary tools that enhance workflow efficiency amidst economic pressures in animal healthcare sector.

Chicago Pacific Founders has realised its first return from its inaugural pet fund after CoVet was sold to IDEXX Laboratories, a sign that investor appetite for veterinary software with measurable workflow benefits remains robust. The deal also highlights how artificial intelligence is moving from novelty to infrastructure in companion animal care, where practices are under pressure to do more with less administrative time. For the sector, the question is no longer whether AI tools can find a market, but which platforms can scale quickly enough to become strategic assets.

CoVet, based in Hamilton, Ontario, developed an AI-powered clinical scribe and workflow platform for veterinary teams across North America and Europe. According to the company’s backer, Chicago Pacific Founders was the sole institutional investor in the business.

The sale marks the first exit from CPF Pet Fund – Off Leash Capital, which closed on 16 September 2026 and has made six investments so far. The firm says it backs veterinary innovation, diagnostics, therapeutics, technology-enabled care and consumer pet businesses.

IDEXX, which did not disclose terms, sells diagnostics and practice software to veterinarians. CPF partner Gina Del Vecchio said the platform had already become a useful tool for clinicians and support staff and argued that IDEXX was best placed to extend its reach globally.

CoVet’s acquisition underlines a broader theme in animal health: systems that save time, standardise records and improve throughput are becoming more valuable as clinic economics tighten.