SUNNYVALE — ThoughtSpot, a Modern Analytics Cloud company, has raised a $100 million Series F funding round at a new $4.2B valuation, more than doubling the company’s previous valuation and bringing the company’s total funding to $674 million. The round was led by new investor March Capital and joined by existing investors Lightspeed Ventures, Snowflake Ventures, Khosla Ventures, Fidelity, Capital One Ventures, General Catalyst, Sapphire Ventures, and GIC.
As ThoughtSpot eyes new growth vectors and focuses on capabilities for developers and data professionals, the company also announced the launch of the new ThoughtSpot Data Workspace, a set of tools that brings Live Analytics to customers around the globe.
Reaping the rewards of the cloud
The new round comes two years after the company’s Series E, where the company raised $248 million at a $1.95 billion valuation. Since then, ThoughtSpot says it has grown efficiently, with more than $200 million in the bank prior to this funding round. In 2020, the company made a strategic decision to transform into a cloud-first company. In the fall of last year, ThoughtSpot launched its first SaaS offering with the introduction of the Modern Analytics Cloud, the most simple, open and programmable consumption layer for the modern data stack. Since then, the analytics ecosystem has undergone a massive shift as companies not only move their data to the cloud, but replatform their entire data stack. This modern data stack is creating trillions of dollars in value for companies, and building multiple billion dollar businesses in the process.
“Before ThoughtSpot, we didn’t have a simple way to leverage our cloud data,” said Vivek Malhotra, Sr. Manager, Customer Development Analytics, Unilever. “Now our finance team can quickly get actionable insights with the scale and speed we need.”
“One of the most challenging and most rewarding parts of being a CEO is helping a company stay focused ahead of the changing needs of its customers. That’s exactly what ThoughtSpot has done over the last year as we accelerated our growth as a cloud company,” said Sudheesh Nair, CEO, ThoughtSpot. “Our customers rely on us to break free from the tyranny of averages as they build their businesses on data. Today’s funding shows just how valuable the work we do with our customers truly has become.”
