PALO ALTO, Calif.--(BUSINESS WIRE)--ThoughtSpot, the leader in search and AI-driven analytics for the enterprise, today announced a banner year of record breaking growth as global enterprises increasingly adopt the company’s next generation analytics platform. The company reported 180 percent growth in revenue for the fourth quarter of its fiscal year ending January 31, 2018. More than 80 percent of customers invested six-figure amounts on their first purchase, with several customers expanding to million dollar plus investments, driven by the platform’s unique value proposition. Many of the world’s largest enterprises are now ThoughtSpot customers, including one of the top five global companies by revenue in the retail, financial services, telecommunications, technology, and oil and gas industries.
According to Gartner1, by 2020 “50 percent of analytical queries will be generated via search, natural-language processing or voice, or will be automatically generated.” Concurrently, global enterprises have increasingly recognized the need to empower every employee with data access in order to compete in today’s digital economy.
“The business intelligence and analytics market is going through a once in a generation paradigm shift, creating a massive opportunity for companies who can deliver analytics at human scale,” said Ajeet Singh, founder and CEO, ThoughtSpot. “The strong customer adoption we saw last year, including both new customers and expansions with existing customers, is a testament to ThoughtSpot’s ability to help large, global enterprises be successful in today’s digital economy.”
In 2017, ThoughtSpot introduced an industry-first AI-driven analytics engine, SpotIQ, as well as significant updates to its platform through ThoughtSpot 4.4. The technology arms non-technical business people with the power of 1000 analysts, saving customers as much as 40,000 hours of analysts’ time. Twelve of the Fortune 100 and many other innovative global brands such as British Telecom, OpenTable, ServiceNow, Haggar Clothing Co., and ECommPay selected ThoughtSpot for the company’s relentless commitment to innovation.
Compounding this year’s success was the expansion of ThoughtSpot’s global presence and bolstered leadership team with a round of key executive new hires. The company opened two new global offices in Bangalore, India and Seattle, the company’s development center for SpotIQ and AI-driven analytics. To fuel the expansion into India, ThoughtSpot is also investing $10 million in R&D in the India Engineering Center to further the development of search-driven analytics in the cloud. As a result, ThoughtSpot is poised to continue to innovate, successfully scale, and operate effectively around the world.
To add to their record breaking year, ThoughtSpot was honored by a number of awards and industry recognition. Gartner listed the company as a Visionary in the Gartner Magic Quadrant for Analytics and Business Intelligence Platforms, marking the company’s second year on the Magic Quadrant. ThoughtSpot was also named the #1 Best Big Data Companies & CEOs to Work For by Forbes. Additionally, they were included on LinkedIn’s Top Companies list in the Startup & Disruptors category, as well as a 2017 Red Herring Top 100 North America winner, one of the tech industry’s most prestigious awards.
1Gartner, Inc., “Magic Quadrant for Analytics and Business Intelligence Platforms,” by Cindi Howson, Rita L. Sallam, James Laurence Richardson, Joao Tapadinhas, Carlie J. Idoine, Alys Woodward, 26 February 2018.
ThoughtSpot, the leader in search & AI-driven analytics for enterprises, is helping the largest companies in the world succeed in the digital era by putting the power of a thousand analysts in every business person's hands. With ThoughtSpot’s next generation analytics platform, business people can use Google-like search to easily analyze complex, large-scale enterprise data and get trusted insights to questions they didn’t know to ask, automatically - all with a single click. ThoughtSpot connects with any on-premise, cloud, big data, or desktop data source, deploying 85 percent faster than legacy technologies. Customers like Amway, Bed Bath and Beyond, BT, Capital One, Celebrity Cruises, Chevron Federal Credit Union, De Beers, Insurethebox and Scotiabank have put ThoughtSpot at the core of their business processes. With ThoughtSpot, business leaders and frontline workers alike have made more than 3 million data informed decisions per year.
ThoughtSpot was co-founded in 2012 by Ajeet Singh, former co-founder and Chief Product Officer at Nutanix, the largest tech IPO of 2016. With a founding team coming from Google, Amazon, and Facebook, ThoughtSpot has raised over $160M in funding from Lightspeed Venture Partners, Khosla Ventures, General Catalyst Partners, Geodesic Capital and Capital One Growth Ventures. The company is headquartered in Palo Alto, with offices in Seattle, London and Bangalore. For more information please visit thoughtspot.com.