Analytics start-up ThoughtSpot raises $145 million in Series D round
ThoughtSpot will use the money to upgrade its analytics platform, expand globally including in EMEA and APAC markets, and improve its research and development activities, it said in a statement
Bengaluru:ThoughtSpot, a start-up which provides search and artificial intelligence-driven analytics for enterprises, Wednesday said it has raised $145 million in a fresh round of funding led by its existing investors including Lightspeed Ventures, Future Fund, Khosla Ventures, and General Catalyst. The round also saw the entry of Sapphire Ventures.
The company will use the money to upgrade its analytics platform, expand globally including in EMEA and APAC markets, and improve its research and development activities for which it has set-up centers in Palo Alto, Seattle, Dallas, and Bangalore, the company said in a statement.
Since its launch in 2012, ThoughtSpot has raised $306 million in total funding. It also claims to have invested $10 million in India as part of its expansion efforts.
ThoughtSpot said that the $203 billion analytics industry has historically catered to technical users in the enterprise segment; it is trying to disrupt the market by catering to both technical and non-technical businesses.
ThoughtSpot has offices in Palo Alto, Bengaluru, and Japan. Its flagship search product SpotIQ is a search engine that can fetch business related data. For example, an independent re-seller of mobile phones can use SpotIQ to check sales data of iPhones filtered within a geographical area.
The start-up claims it can provide answers to thousands of questions that an online business might care about. Its products are largely aimed at data scientists, marketing, and supply chain departments, data professionals, and other non-technical businessmen as well.
Currently, the company claims to work with Fortune 100 companies and several other global multinational corporations such as Amway, Bed Bath & Beyond, Capital One, British Telecom and Sterling National Bank. Its biggest clients are in technology, telecommunications, oil & gas, retail, and financial segments.
“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. 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,” said Ajeet Singh, chief executive, ThoughtSpot.
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