ThoughtSpot touches USD 2B valuation with $248 Million Fundraise

ThoughtSpot is mentored by ex-Googlers looking to bring the power of search to data. The company is growing fast, sporting a fat valuation of almost $2 billion and looking ahead to a possible IPO. Today’s announcement says, a $248 million Series E round as it continues on its journey.

With the core objective of ThoughtSpot is to help customers , through Cloud, mobile, and IoT make the world more software-driven, every industry is being transformed, and enterprises are demanding more. IT bring speed to data analysis by answering natural language questions about the data without having to understand how to formulate a SQL query. As a person enters questions. It also uses artificial intelligence to understand intent to help come up the exact correct answer, says, Sudheesh Nair, CEO- ThoughtSpot. He further says, the artificial intelligence really comes into play.

Explaining why the company is ready for IPO, he said, “Many of our customers (large companies) - primarily in the Global 2000 today prefer their partners to be public companies because of the transparency and stability that come along with it. Becoming a public company would help us further penetrate these enterprise accounts.”

The growth among global enterprises has been a prime highlight for ThoughtSpot over the past twelve months. According to company statement, more than half of the Fortune 100 and companies like Walmart, Hulu, Daimler, 7Eleven, PetCo, and Rolls Royce are now ThoughtSpot customers. The company also has an average sale price of USD 250k, contributing to sales growing 195 percent in the first half of the fiscal year as it approaches USD 100m run-rate, driven by 100 percent software subscriptions and multi-cloud deployments.

The company has almost 250 large-company customers, and is on a run rate of close to $100 million. ThoughtSpot gets answers to queries by connecting to a variety of internal systems, like HR, CRM and ERP, and uses all of this data to answer the question, as best it can. So far, it appears to be working.  Many of our customers (large companies) - primarily in the Global 2000 today prefer their partners to be public companies because of the transparency and stability that come along with it.

Taking into account growth from USD 1b valuation in May last year to nearly USD 2b in Aug 28, 2019, what would be the short term goal? “It’s definitely been a year of extreme growth for us here at ThoughtSpot. we’ll continue to build our partner ecosystem, as well as sell directly to large enterprises around the world through our global sales team, which includes people in the US, UK, Germany, France, Singapore, India, Japan, and Australia,” Sudheesh Nair, CEO at ThoughtSpot, has been instrumental in accelerating the company on a trajectory growth.

ThoughtSpot has been attracting talent across the globe, with the employee count growing by more than 65 percent to nearly 500 employees last year. Companies are dealing with data volumes at an unprecedented scale as technologies like IoT, mobile, and the cloud go mainstream. ThoughtSpot’s architecture, which takes a page out of Google’s book, gives our customers the unique ability to get insights quickly at a truly massive scale.”

As most of the enterprises are moving to the next generation of analytics with ThoughtSpot to automatically deliver proactive, relevant data-driven insights to every person in their organization, from C-suite executives to front-line employees. ThoughtSpot allows enterprises to truly reap the benefits of their cloud, IoT, and big data efforts by turning data into insights at scale.

“Our customers are often trying to solve the analytics adoption challenge. They have tools, but getting regular business users to learn and use them has historically been impossible given the complexity involved. Our consumer-like design is simple and intuitive like your favorite app, whether that’s Pinterest, Instagram, or Amazon,” said Nair.

Lastly, ThoughtSpot system uses AI and machine learning to automatically find and deliver insights to users within seconds, across billions of rows of data, with the company’s in-memory calculation engine. Building the Analytics Ecosystem has been a focus as ThoughtSpot announced partnerships with Google Cloud Platform, Snowflake, Dell, DataRobot, Alteryx, and Carahsoft to help customers tackle challenges across the data pipeline.