SUNNYVALE — ThoughtSpot, provider of a data analytics platform, has closed a $248 million round of funding to give the company a valuation of $1.95 billion. The company’s total funding is now $554 million. New investor Silver Lake Waterman, Silver Lake’s late-stage growth capital fund, joined existing backers Lightspeed Venture Partners, Sapphire Ventures, and Geodesic Capital in this round of funding.
With the new funding, ThoughtSpot will continue to expand R&D efforts, including hiring for its engineering and product teams, and invest in customer conferences and events.
ThoughtSpot says more than half of the Fortune 10 and companies like Walmart, Hulu, Daimler, 7Eleven, PetCo, and Rolls Royce are now customers. The company revealed its service has an average sale price of $250,000, contributing to sales growing 195% in the first half of the fiscal year as the company approaches $100 million run-rate.
“When I see the work our customers like Walmart, BT, and Daimler are doing with ThoughtSpot to transform their critical functions like supply chain or customer service, I’m incredibly inspired, but I also realize how much unlocked potential remains when it comes to data-driven insights,” said Sudheesh Nair, CEO, ThoughtSpot. “The world is changing fast, and businesses that change faster will thrive. As technology partners to our customers, we have only one job: provide the agility that’s like oxygen to these organizations so they can compete and win.”
“Seven years ago, we started ThoughtSpot to help create a more fact-driven world, whether in the boardroom or on the front lines of enterprises, by making data and insights available instantly to everyone, regardless of their technical skills,” said Ajeet Singh, Executive Chairman & Cofounder, ThoughtSpot. “We’ve been fortunate enough to have some of the most visionary customers supporting our mission since our inception. While today’s announcement is certainly a major milestone, we know we’re only 2% done in achieving our goals on behalf of our customers. We will not rest on our laurels and will continue to bring fundamental innovation to the market, because that is who we are.”