A leader in search-driven analytics, ThoughtSpot, has announced securing $60 million in investments, catapulting their total capital to more than $160 million. This round closed in January, but up until now, the amount was not known. This round occurred about six months after their last funding round, and investors were happy to jump on board after seeing the accelerated growth of customers, as well as the market potential for AI-driven analytics.
“One-by-one, enterprises are falling in love with ThoughtSpot,” commented Ajeet Singh, Co-founder and CEO of ThoughtSpot. “That's because we make it effortless for non-technical business people to gain valuable insights from corporate data in seconds. 10% easier is not interesting to us. We're making it 10,000% easier. Our mission is to deliver data insights at human-scale, and SpotIQ is a massive leap forward. It puts the power of a thousand data analysts in the hands of every business person.”
LightSpeed Venture Partners is a venture capital fund that engages in the cleantech, technology, enterprise, and consumer markets. It invests in companies in the seed, early stage, later stage, expansion stage, start-up, growth companies, and incubation levels and has specialized in debt financing for start-up and growth companies. The firm has recently invested in Streamlio, Poncho, Karius, and OneAssist.
Capital One Growth Ventures is an investment firm that focuses on payment, security, big data, and financial technologies. Capital One has over two decades of experience in financial services, which gives them resources to help startups gain an edge. The firm has recently invested in Riskified, Vera, Cylance, and Vast.
SpotIQ is ThoughtSpot’s next-generation AI-driven solution that is built on the platform to allow use of ThoughtSpot’s high-performance computing backend. Relational Search works with SpotIQ to pull relevant and profound insights for users that they may never have thought of on their own. In a single click, SpotIQ can ask thousands of questions about millions of different data points and bring back tons of insights in only seconds. Using AI, SpotIQ can do in seconds that would take thousands of hours by analysts.
SpotIQ will be added to the ThoughtSpot platform in late September and will be at no additional charge for users.
“We are always trying to identify the factors that have the biggest impact on our business,” says Sathish Koteshwar, VP of Business Intelligence at TrueBlue. “It can feel like trying to find a needle in the haystack, given the amount of data we have to sift through. SpotIQ accelerates the process by automatically uncovering insights into what's causing shifts in our business results, which allows us to be nimble in our decision making.”
“Data intelligence drives our decision-making and allows us to consistently deliver intuitive customer experiences,” said Jaidev Shergill, managing partner of Capital One Growth Ventures. “With ThoughtSpot's Relationship Search technology and SpotIQ, even non-technical teams can now quickly access and analyze data using simple language. We look forward to playing a role in its continued growth and evolution.”
ThoughtSpot plans to use the new funding to accelerate development and research for its AI-driven analytics platform, hiring industry-focused customer support experts, and expanding globally into the Asia Pacific region.