ThoughtSpot raises $248M at $1.95B Valuation, Plans to expand its Search & AI-Driven Analytics Platform

ThoughtSpot has secured $248 Million in a fresh funding round from both the new and existing investors.

Founded in 2012, Sunnyvale California based ThoughtSpot is a business intelligence and Artificial Intelligence (AI) driven analytics platform. ThoughtSpot platform help analyze, explore, and share real-time business analytics data easily.

The latest funding round put the firm valuation at $1.95 billion. Some of the existing backers who participated in the round are LightSpeed Venture Partners, Geodesic Capital, and Sapphire Ventures.

The company had also attained a unicorn status when it secured $145 million in the funding round of Series D. The latest funding round takes the total funds secured by the company to $554 million.

Executive Opinion

CEO, Sudheesh Nair, ThoughtSpot, said, "When I see the work our customers like Walmart, BT, and Daimler are doing with ThoughtSpot to transform their critical functions like supply chain or customer service, I’m incredibly inspired, but I also realize how much-unlocked potential remains when it comes to data-driven insights. The world is changing fast, and businesses that change faster will thrive. As technology partners to our customers, we have only one job: provide the agility that’s like oxygen to these organizations so they can compete and win."

Executive Chairman & Co-founder, Ajeet Singh, ThoughtSpot, said, "Seven years ago, we started ThoughtSpot to help create a more fact-driven world, whether in the boardroom or on the front lines of enterprises, by making data and insights available instantly to everyone, regardless of their technical skills. We’ve been fortunate enough to have some of the most visionary customers supporting our mission since our inception. While today’s announcement is certainly a major milestone, we know we’re only 2% done in achieving our goals on behalf of our customers. We will not rest on our laurels and will continue to bring fundamental innovation to the market, because that is who we are."

ThoughtSpot Technology and plans

ThoughtSpot plans to use the newly raised funds to development efforts and expand market reach in North America, EMEA, and APAC, ramping up it's hiring in its engineering and product verticals, apart from investing in customer and though leadership events, the announcement notes.

The company claims to become the Google of the enterprise search. It offers a technology-based solution that enables sophisticated searches across billions of rows of corporate data and even helps to derive insights by using AI technology. The product natural language search also allows the users to interact better with the data generated after the analysis.

To further accelerate the development of its AI and ML analytics platform, ThoughtSpot recently invested $25 Million in Bangalore, India office.