Record funding puts ThoughtSpot on a breakaway trajectory as it delivers true self service at enterprise scale
ThoughtSpot has successfully closed $145 million in Series D funding. The funding was oversubscribed with strong participation from both existing as well as new investors. Existing investors Lightspeed Ventures, Future Fund, Khosla Ventures, and General Catalyst participated, alongside new participants Sapphire Ventures, and other global investors. Since its founding in 2012, ThoughtSpot has raised $306 million in total funding. With the new funding, ThoughtSpot will continue to innovate its next-generation analytics platform, accelerate global business growth, including expansion in EMEA and APAC, and grow its R&D centers in Palo Alto, Seattle, Dallas, and Bangalore.
The $203 billion data and analytics industry is at an inflection point. While the industry has historically catered to technical users in the enterprise, there’s been a simultaneous explosion of knowledge workers who require data and insights to do their job. Traditional data teams, often hindered by legacy solutions, are unable to meet this growing demand, let alone take on highly strategic data projects. ThoughtSpot has taken a radically different approach to solving this problem, putting the power of 1000 analysts into the hands of non-technical business people without requiring any special training. Businesspeople can use ThoughtSpot’s simple search-driven analytics to answer the questions they know to ask, while its AI-driven analytics engine, SpotIQ, automatically answers thousands of questions a businessperson would care about, but wouldn’t even know to ask. Data professionals, freed from generating innumerable reports and tweaking countless charts, can focus on the analytics initiatives critical to their organization’s long term success. Unlike other artificial intelligence solutions, SpotIQ is completely transparent, meaning no decisions or analyses are conducted in a black box, fostering trust and driving adoption by end users.
“In the few short years since founding ThoughtSpot, we have disrupted the analytics market and seen global enterprises adopt our search and AI-driven analytics due to its simplicity for business people and enterprise-grade scale and governance for today’s CIOs and CDOs,” said Ajeet Singh, founder and CEO, ThoughtSpot. “We see a world where your analytics platform serves up insights to you before you can even articulate a question. With the new funding, we’ll continue to push the boundaries of what’s possible with self-service analytics for our customers, partners, and the industry at large.”
“The analytics market has evolved to the point where it has become a business imperative for employees at all levels, across all departments in an organization to have access to trusted insights to make data-driven decisions,” said Ravi Mhatre, Partner, Lightspeed Venture Partners. “As the next-generation analytics platform for global enterprises, ThoughtSpot is already meeting this critical need for the world’s largest companies, as these organizations seek to compete in today’s digital economy.”
“ThoughtSpot has changed the enterprise data analytics game by allowing companies to understand and interact with their data like never before through their search and AI-driven analytics platform,” says Jai Das, managing director at Sapphire Ventures. “We are excited to partner with the ThoughtSpot team and bring our global network and expertise to the table to help ThoughtSpot to continue its global growth and expansion.”
