ThoughtSpot, a global analytics cloud firm, has secured a $100 million Series F fundraising round at a new $4.2 billion value, more than doubling its prior valuation and bringing total funding to $674 million. ThoughtSpot will leverage the additional capital to drive two new growth vectors.
The current financing follows ThoughtSpot’s Series E round, which garnered $248 million at a $1.95 billion value two years ago. ThoughtSpot has grown quickly since then, with more than $200 million in the bank prior to this round of investment.
Existing investors Lightspeed Ventures, Snowflake Ventures, Khosla Ventures, Fidelity, Capital One Ventures, General Catalyst, Sapphire Ventures, and GIC joined new investor March Capital in the round.
“We are thrilled to be backing the world-class ThoughtSpot team as they continue to dominate the rapidly growing cloud analytics market,” said James Montgomery, Co-Founder and Managing Partner of March Capital. “ThoughtSpot’s innovative, cloud-native platform makes it easier than ever for any company, from high growth startups to global enterprises, to derive valuable insights and make smarter decisions from the large amounts of data they gather. We look forward to leveraging March’s extensive operational and industry expertise to help ThoughtSpot build the multibillion leader in this important category.”
Accelerating Next Wave of Growth
The new funding will be used to accelerate two new growth vectors for ThoughtSpot with analysts, data engineers, and developers, the roles upon which the entire modern data stack rests. Today’s data professionals would require tools to better model data, rapidly launch new projects, and ultimately enable self-service for frontline business users.
Companies have been able to incorporate analytics into their own applications that take use of different ThoughtSpot cloud services through easy and flexible APIs since the launch of ThoughtSpot Everywhere, ThoughtSpot’s developer platform, in May of last year. ThoughtSpot Everywhere has routinely grown by more than 100% quarter over quarter since its inception, as businesses seek to integrate analytics into all business systems. The fresh funds will be utilized to accelerate go-to-market activities such as sales and marketing, as well as collaborations with SaaS and cloud platform providers.
Second, firms are still looking for new use cases and strategies to speed up the time to value for analytics projects. Many firms have created a new position called analytics engineer as a result of this. These people are in charge of designing systems that give analytics fast, at scale, and to people with a variety of backgrounds and technical skills. ThoughtSpot has already given these professionals additional powers with the launch of the ThoughtSpot Data Workspace and SpotApps today. The funds will also be utilized to improve the go-to-market strategy for these new products.
Contemporary Analytics Cloud
The firm took the strategic choice to become a cloud-first corporation in 2020. ThoughtSpot introduced the Contemporary Analytics Cloud, the most simple, open, and programmable consumption layer for the modern data stack, in the autumn of last year, as its first SaaS product. Since then, the analytics ecosystem has shifted dramatically as businesses not only migrate their data to the cloud, but also re-platform their whole data stack.
This modern data stack is creating trillions of dollars in value for companies while building multiple billion-dollar businesses in the process, according to ThoughtSpot and its investors.
ThoughtSpot’s live analytics solutions would provide businesses with a “straightforward, interactive” way to enable their whole company to profit on cloud ecosystem advances. Snowflake, Databricks, Amazon Web Services (AWS), Microsoft Azure, GoogleBigQuery, DataRobot, dbt Labs, Dremio, Starburst, and others have announced integrations and collaborations with ThoughtSpot, making it ubiquitous throughout the contemporary data stack.
“One of the most challenging and most rewarding parts of being a CEO is helping a company stay focused ahead of the changing needs of its customers. That’s exactly what ThoughtSpot has done over the last year as we accelerated our growth as a cloud company,” said Sudheesh Nair, Chief Executive Officer (CEO) at ThoughtSpot. “Our customers rely on us to break free from the tyranny of averages as they build their businesses on data. Today’s funding shows just how valuable the work we do with our customers truly has become.”
Key Company Achievements
ThoughtSpot has seen massive adoption from organizations around the globe, driving substantial new growth for the company. Some key achievements include:
- ARR from cloud products increased by more than 250 percent in the last year
- ThoughtSpot’s yearly recurring income from cloud solutions currently accounts for more than half of the company’s total revenue
- 85 percent of new customers bought cloud solutions in the previous year. Six-figure investments accounted for a quarter of the acquisitions
ThoughtSpot’s innovation and value to clients has been noticed by the industry as well. The following awards are part of this honor:
- For the fourth year in a row, Forbes has named ThoughtSpot to its Cloud 100 list
- Fast Company named it one of the best places to work for innovators
- Customers’ Choice for Analytics and Business Intelligence Platforms, according to Gartner’s Peer Insight
- TrustRadius’ Best Usability Award in Business Intelligence for 2021
- The 2021 SaaS Awards named it the Best SaaS Product for Business Intelligence and Analytics
“From the start, ThoughtSpot has been focused on a singular mission: to create a more fact-driven world. The growth of our cloud offerings has surpassed our own expectations, accelerating our progress toward that mission,” said Ajeet Singh, Co-founder & Executive Chairman, ThoughtSpot. “We are pleased to see both cloud-native companies such as Cloud Academy and Frontify and large enterprises like T-Mobile make their data teams more productive and their businesses more data-driven with the Modern Analytics Cloud.”