PALO ALTO, Calif.--(BUSINESS WIRE)--ThoughtSpot, the leader in search-driven analytics in the enterprise, today announced a $50 million investment, bringing its total capital raised to over $90 million. ThoughtSpot’s disruptive technology has garnered new attention from customers and investors, including lead investor General Catalyst Partners, and Geodesic Capital. Existing investors Lightspeed Ventures and Khosla Ventures continue to support ThoughtSpot’s success through additional investments in this Series C round.
“The business intelligence market is ripe for a 100-1000x leap forward in the speed of data access,” said Ajeet Singh, co-founder and CEO of ThoughtSpot. “The businesses of the future will not wait days or weeks for reports to be built. And the analytics teams of the future will no longer be report factories. We create a win-win scenario for both groups - business people get data instantly to make decisions, while analytics teams can focus on more advanced analyses. Customers and the investment community are both responding handsomely to support this industry transformation.”
"As individuals, finding answers to our questions is as easy as an internet search. But despite spending $70 billion a year on analytics software and services against the same problem, the process for companies remains arduous,” said Hemant Taneja, managing director of General Catalyst. “We’ve seen how ThoughtSpot is closing that ease-of-use gap for customers and believe its fast, intuitive, search-driven analytics is poised to become the new standard for data access.”
In the past year, ThoughtSpot has driven 810 percent sales growth by securing a growing list of enterprise customers and doubling the average deal size across all vertical markets. With the new investment, ThoughtSpot will fuel continued growth through three areas: global expansion, hiring, and technology advancement.
- Global Expansion: Since opening its UK-based office in London in January 2016, the new team has already secured its first EMEA customer with a significant six-figure transaction representing ThoughtSpot’s largest international deal to-date. Looking ahead, ThoughtSpot will continue to invest in EMEA and other international markets.
- Sales & Marketing: To meet booming customer demand, and fueled by recent accolades from San Francisco Business Times and Silicon Valley Business Journal and Fortune naming ThoughtSpot a great place to work, ThoughtSpot doubled its sales team in the first three months of 2016. Looking ahead, hiring exceptional sales, service, and marketing team members will remain a top priority.
- Technology: New and growing customers like Bed Bath & Beyond, Primary Capital Mortgage, RichRelevance, Automated Financial Systems, Collegis Education, SterlingBackcheck, Batteries Plus Bulbs, Nutanix, and Hightail are empowering their entire organizations to access and analyze data with ThoughtSpot’s technology, performing over one million annual searches on the platform. Looking ahead, research and development investments will go toward expanding ThoughtSpot’s lead in Relational Search and help it further separate from the rest of the industry with this innovative approach.
ThoughtSpot is disrupting the BI industry with search-driven analytics for the enterprise. ThoughtSpot's Relational Search technology lets business people analyze company data in seconds and helps BI & Analytics teams cut their reporting backlogs by over 90%. ThoughtSpot connects with data from on-premise and cloud data sources and is designed for enterprise-scale, security, and governance - all while deploying 85% faster than legacy technologies. ThoughtSpot has built the world's most advanced, yet easy-to-use number-crunching machine with a singular mission - to deliver access to data at "human scale”. The company's founding team has previously built market-defining search and analytics technologies at Google, Amazon, Oracle and Microsoft. For more information please visit thoughtspot.com.