Sunday, June 23

AI Driven Analytics Startup Raises $145 Mn Funding

ThoughtSpot, an artificial intelligence driven analytics company announced that it raised $145 million in a funding round led by existing investors.

Investors such as Lightspeed Ventures, Future Fund, Khosla Ventures, and General Catalyst participated in this funding round which witnessed the entry of Sapphire Ventures in the AI firm investors’ team.

The funds raised will serve the purpose of upgrading its analytics capabilities, expanding in newer markets such as EMEA and APAC, improve is R&D activities in its centers based in Palo Alto, Seattle, Dallas and Bangalore.

Since inception in 2012, ThoughtSpot raised a total of $306 million in funding and the company states to have poured over $10 million to operate efficiently in India.

ThoughtSpot also revealed that the $203 billion analytics industry usually provides its services to technical companies exclusively while omitting those operating non-technical businesses. However, the AI-driven firm is willing to cater both businesses.

Thoughtspot owns offices in Palo Alto, Bengaluru and Japan and its star product, a search engine called SpotIQ is specialized in collecting business related data. For example, an independent mobile phone re-seller can benefit from SpotIQ by accessing data sales of Android phones in a particular geographical area.

The start-up boasts being able to answer thousands of questions essential for online businesses. Its services cater mostly to data scientists, marketing and supply chain departments, data professionals and non-technical businesspersons as well.

“In the few short years since founding ThoughtSpot, we have disrupted the analytics market and seen global enterprises adopt our search and AI-driven analytics due to its simplicity for business people and enterprise-grade scale and governance for today’s CIOs and CDOs. With the new funding, we’ll continue to push the boundaries of what’s possible with self-service analytics for our customers, partners, and the industry at large,” said Ajeet Singh, chief executive, ThoughtSpot.

The company claims to have worked with Fortune 100 companies and several other global leading companies such as Amway, Bed Bath & Beyond, Capital One, British Telecom and Sterling National Bank. Its clients mostly rise from the technology, telecommunications, oil & gas, retail and finance.