AI startup ThoughtSpot secures $248M at $1.95 billion valuation to transform enterprises with search & AI-driven analytics
ThoughtSpot, an artificial intelligence startup and business intelligence platform that helps anyone explore, analyze, and share real-time business analytics data easily, has raised $248 million in funding at at $1.95 billion valuation. ThoughtSpot will use the funds to continue to invest in its go-to-market teams in North America, EMEA, and APAC, expand R&D efforts, including hiring for its engineering and product teams, and invest in customer and thought leadership events.
Backers included new investor Silver Lake Waterman, Silver Lake’s late-stage growth capital fund, and existing backers Lightspeed Venture Partners, Sapphire Ventures, and Geodesic Capital.
The Palo Alto, CA-based ThoughtSpot was co-founded in 2012 by its CEO Ajeet Singh and six other technical co-founders from Google, Microsoft, Amazon, and Oracle. Its AI-Driven analytics platform puts the power of a thousand analysts in every business person’s hands. With ThoughtSpot, you can use search to easily analyze your data or automatically get trusted insights pushed to you with a single click.
ThoughtSpot connects with any on-premise, cloud, big data, or desktop data source and deploys 85 percent faster than legacy technologies. Business Intelligence and Analytics teams have used ThoughtSpot to cut reporting backlogs by more than 90 percent and make more than 3 million decisions – and counting. ThoughtSpot’s customers include Amway, Bed Bath and Beyond, BT, Capital One, Celebrity Cruises, Chevron Federal Credit Union, De Beers, Insurethebox and Scotiabank.
“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,” said Sudheesh Nair, CEO, ThoughtSpot. “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.”
“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,” said Ajeet Singh, Executive Chairman & Cofounder, ThoughtSpot. “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.”