Noted analytics startup ThoughtSpot has closed its $248 million in funding at a valuation of $1.95 billion in an oversubscribed round, bringing the company’s total funding to $554 million. It has roped in new investors like Silver Lake Waterman, joined existing backers Lightspeed Venture Partners, Sapphire Ventures, and Geodesic Capital in this round of funding.
With the new funding, ThoughtSpot will continue to invest in its go-to-market teams in North America, EMEA, and APAC to meet growing demand, expand R&D efforts, including hiring for its engineering and product teams, and invest in customer and thought leadership events, like the company’s annual customer conference Beyond 2019.
Sudheesh Nair, CEO of ThoughtSpot, said in a statement, “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 realise how much unlocked potential remains when it comes to data-driven insights. 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.”
ThoughtSpot also took this chance to note their achievements in 2019:
- Growth Among Global Enterprises: More than half of the Fortune 10 and companies like Walmart, Hulu, Daimler, 7Eleven, PetCo, and Rolls Royce have become ThoughtSpot customers. The company also 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.
- Expanding the Global Footprint: Since it’s Series D funding, ThoughtSpot has opened new offices in Singapore, Tokyo, Dusseldorf, and invested $25 million in its office in Bengaluru.
- Attracting the Right Talent: in the last year, ThoughtSpot has grown employee count by more than 65% to nearly 500 employees. This includes several new executive hires, including CEO Nair, among others.
- Building the Analytics Ecosystem: ThoughtSpot has announced partnerships with innovative companies like Google Cloud Platform, Snowflake, Dell, DataRobot, Alteryx, and Carahsoft to help customers tackle challenges across the data pipeline.
- Recognition as a Market Leader: ThoughtSpot was named the first new leader in six years in the Gartner Magic Quadrant for Analytics and BI Platforms, a technology pioneer by the World Economic Forum, one of the 100 most important cloud companies by Forbes, and one of the 50 best cloud companies to work for by Glassdoor and Bessemer Ventures.