PALO ALTO, Calif., Aug. 17, 2017 /PRNewswire/ -- ThoughtSpot, the leader in search-driven analytics in the enterprise, today announced that it secured a new $60 million investment, bringing its total capital raised to more than $160 million. ThoughtSpot is using the new funding to accelerate research and development for its AI-driven analytics platform, expand globally into Asia Pacific, and hire industry-focused customer success experts to nurture and grow key accounts.
The previously undisclosed investment round closed in January 2017, six months after ThoughtSpot's $60M series C funding that closed in July 2016. Investors seized on the opportunity to invest again after seeing the accelerated growth of Fortune 500 customers and the massive market potential for AI-driven analytics. All of ThoughtSpot's existing investors, led by LightSpeed Ventures, participated in the new funding round and were joined by Capital One Growth Ventures, as both a new investor and a new customer.
ThoughtSpot's next-generation analytics platform uses AI at its core to power its Relational Search solution. SpotIQ is the next AI-driven solution built on the platform to leverage ThoughtSpot's massively scalable high-performance computing backend. SpotIQ works with Relational Search hand-in-hand to curate deep and relevant insights for users that they may not have thought to look for on their own. With a single click, SpotIQ can automatically ask thousands of questions about billions of data points and bring back dozens of insights in seconds. The equivalent would be hiring a thousand analysts, knowing exactly what questions you want them to answer, and then waiting a week for them to come back with reports and dashboards. Using the power of AI, SpotIQ accomplishes in a single click what could take 40,000 man hours. SpotIQ will be included in the ThoughtSpot platform for no additional charge and will be generally available on September 30, 2017.
"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."
In the past year, ThoughtSpot has achieved 270 percent customer growth with a significant percentage coming from the Fortune 500. Customers include Amway, Bed Bath and Beyond, Capital One, Celebrity Cruises, Chevron Federal Credit Union, DeBeers, Scotiabank and numerous other Fortune 500 customers. ThoughtSpot customers have now executed more than three million searches on the platform. Leading analyst firm, Gartner Inc, debuted ThoughtSpot on its 2017 Magic Quadrant for BI & Analytics Platforms in February 2017.
"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."
In an interview with CIO Magazine, Bruce Lee, Head of Operations and Technology at Fannie Mae underscored the importance of SpotIQ's transparent AI processes. He commented: "AI in things like credit decisions is fraught with a lot of regulatory hurdles to clear. So a lot of what we do has to be thoroughly back-tested to make sure that we're not introducing bias that's inappropriate and that it is a net benefit to the housing infrastructure. The AI has to be particularly explainable."
"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's AI-Driven analytics platform puts the power of a thousand analysts in every business person's hands. With ThoughtSpot, you can use search to easily analyze your data or automatically get trusted insights pushed to you with a single click. ThoughtSpot connects with any on-premise, cloud, big data, or desktop data source and deploys 85 percent faster than legacy technologies. BI & Analytics teams have used ThoughtSpot to cut reporting backlogs by more than 90 percent and make more than 3 million decisions - and counting. ThoughtSpot's customers include Amway, Bed Bath and Beyond, Capital One, Celebrity Cruises, Chevron Federal Credit Union, DeBeers, Insurethebox and Scotiabank. ThoughtSpot was co-founded in 2012 by its CEO Ajeet Singh and six other technical co-founders from Google, Microsoft, Amazon, and Oracle. The company is based in Palo Alto, CA and is currently expanding operations in North America, Europe and Asia-Pacific. ThoughtSpot's mission is to enable analytics at "human scale" and put search-driven analytics in the hands of 20M users by 2020. For more information please visit thoughtspot.com.