PALO ALTO — ThoughtSpot, a developer of search-driven analytics for businesses, has secured a new $60 million investment, bringing its total capital raised to date at over $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 $60 million series C funding that closed in July 2016. 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,” said Ajeet Singh, 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.”
In the past year, ThoughtSpot has achieved 270 percent customer growth with a significant percentage coming from the Fortune 500. Customers include Amway, Bed Bath and Beyond, Capital One, Celebrity Cruises, Chevron Federal Credit Union, DeBeers, Scotiabank and numerous other Fortune 500 customers. ThoughtSpot customers have now executed more than three million searches on the platform.
ThoughtSpot was founded in 2012 and based in Palo Alto.