- Silicon Valley-based business intelligence and analytics company ThoughtSpot announced that it raised $248 million at a valuation of $1.95 billion
ThoughtSpot — a Silicon Valley-based business intelligence and analytics company — announced it raised $248 million in funding at a valuation of $1.95 billion. Including this round, ThoughtSpot has raised about $554 million since being founded.
Lightspeed Venture Partners, Silver Lake Waterman, and Sapphire Ventures providing the funding and it will be used for expanding sales teams in North America, Europe, and the Asia Pacific. Plus the funding will also be used for expanding research.
ThoughtSpot’s founders include Ajeet Singh, Sudheesh Nair, and Amit Prakash. Singh previously launched Nutanix. Nair is a former president at Nutanix. And Prakash was previously an engineer at Google and Microsoft.
“We’ve built the Google for numbers,” said Nair in an interview with Bloomberg. “We’ve devised a set of capabilities in algorithms that can work on large-scale systems and we’ve incorporated design thinking. We believe this is unique to ThoughtSpot.”
The company’s customers include Daimler AG, Hulu, De Beers, and Walmart. Daimler uses the service for improving its procurement. And Walmart uses the service for merchandising decisions.
ThoughtSpot currently has 500 employees and the company is planning to recruit from some of the top engineering schools around India to work out of its technology hub in Bangalore over the next year.
According to Forbes, Singh helped grew the average sale price of its products to $250,000. And for the first half of 2019, sales grew by 195%. With the funding, ThoughtSpot is also planning to make some aggressive acquisitions.
ThoughtSpot is reportedly planning to go public eventually. And Ravi Mhatre of Lightspeed Ventures told Forbes that ThoughtSpot could become the “next Google” for enterprise search.
