ThoughtSpot announced today that it has raised a whopping $248 million in new funding, bringing the company’s total earned to $554 million since its founding in 2012. The round will enable ThoughtSpot to step up its investment in go-to-market and customer and thought leadership events, as well as expand efforts on research and development. ThoughtSpot is widely regarded as one of the best cloud BI and analytics solutions in the space, and has seen its star rise considerably over the last two years.
ThoughtSpot’s analytics platform is heavily influenced by artificial intelligence and automation. While it may seem complex, ease of use is actually a strength of the product. It features a full-stack architecture and intuitive insight generation capabilities via the in-memory calculation engine. A distributed cluster manager provides customizable scaling options, and support for existing ETL solutions ensures proper connectivity to desired data sources.
2019 has been a banner year for the San Francisco-based data analytics vendor, with companies like Walmart, Hulu and 7Eleven all becoming customers. ThoughtSpot has also opened offices in Singapore and Tokyo after its Series D round in May of 2018. The company now touts nearly 500 employees, including recent hires CEO Sudheesh Nair and Chief Data Strategy Officer Cindi Howson. ThoughtSpot was named the first new leader in six years in the Gartner Magic Quadrant for Analytics and BI Platforms as well.
In a statement to Solutions Review, Nair told us: “ThoughtSpot is the pioneer in this space and we deliver complete solutions around sales, marketing, supply chain, procurement and other business decisions. The success our customers have experienced with search & AI-driven analytics was a key part of this round. The new funding will help us take this innovation further so that we can deliver an even better product and experience for our customers.”
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