PALO ALTO, Calif. -- August 17, 2017 -- ThoughtSpot, the leader in search-driven analytics in the enterprise, today announced that it secured a new $60 million investment, bringing its total capital raised to more than $160 million. ThoughtSpot is using the new funding to accelerate research and development for its AI-driven analytics platform, expand globally into Asia Pacific, and hire industry-focused customer success experts to nurture and grow key accounts.
The previously undisclosed investment round closed in January 2017, six months after ThoughtSpot’s $60M series C funding that closed in July 2016. Investors seized on the opportunity to invest again after seeing the accelerated growth of Fortune 500 customers and the massive market potential for AI-driven analytics. All of ThoughtSpot’s existing investors, led by LightSpeed Ventures, participated in the new funding round and were joined by Capital One Growth Ventures, as both a new investor and a new customer.
ThoughtSpot’s next-generation analytics platform uses AI at its core to power its Relational Search solution. SpotIQ is the next AI-driven solution built on the platform to leverage ThoughtSpot's massively scalable high-performance computing backend. SpotIQ works with Relational Search hand-in-hand to curate deep and relevant insights for users that they may not have thought to look for on their own. With a single click, SpotIQ can automatically ask thousands of questions about billions of data points and bring back dozens of insights in seconds. The equivalent would be hiring a thousand analysts, knowing exactly what questions you want them to answer, and then waiting a week for them to come back with reports and dashboards. Using the power of AI, SpotIQ accomplishes in a single click what could take 40,000 man hours. SpotIQ will be included in the ThoughtSpot platform for no additional charge and will be generally available on September 30, 2017.
“One-by-one, enterprises are falling in love with ThoughtSpot,” commented Ajeet Singh [pictured], Co-founder and CEO of ThoughtSpot. “That’s because we make it effortless for non-technical business people to gain valuable insights from corporate data in seconds. 10% easier is not interesting to us. We’re making it 10,000% easier. Our mission is to deliver data insights at human-scale and SpotIQ is a massive leap forward. It puts the power of a thousand data analysts in the hands of every business person.” More...