PALO ALTO —ThoughtSpot, the leader in search-driven analytics in the enterprise, has received a $50 million investment, bringing its total capital raised to over $90 million. ThoughtSpot raised money from lead investor General Catalyst Partners, and Geodesic Capital. Existing investors Lightspeed Ventures and Khosla Ventures continue to support ThoughtSpot 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.
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.