ThoughtSpot Secures $50M funding for Search-Driven Analytics

Search-driven analytics solution provider ThoughtSpot recently announced that they have secured a Series C funding round worth $50 million as a result of 810 percent sales growth. The funding round brings ThoughtSpot’s total capital raised to over $90 million. Much of ThoughtSpot’s market growth has come as a result of a rapidly expanding list of enterprise customers and doubling the average deal size across all verticals. The new funding will allow the company to fuel continued growth through three main areas: global expansion, hiring, and technological advancement.

ThoughtSpot’s disruptive technology has garnered increased interest from customers and investors alike, including lead investor General Catalyst Partners and Geodesic Capital. Existing investors Lightspeed Ventures and Khosla Ventures continue to support ThoughtSpot’s success with this new round of funding.

Since opening its UK-based office in London in January of this year, the company has already secured its first EMEA customer with its largest international deal to date. The company will continue to invest in the EMEA and other international markets in the near term. ThoughtSpot also doubled its sales team in the first quarter of 2016, and in the future, hiring the best in sales, service and marketing will be a top priority. In the months ahead, ThoughtSpot will invest in expanding the company’s lead in Relational Search.

ThoughtSpot’s Co-Founder and CEO Ajeet Singh adds: “The Business Intelligence market is ripe for a 100-1000x leap forward in the speed of data access. The businesses of the future will not wait days or weeks for reports to be built. And the analytics teams of the future will no longer be report factories. We create a win-win scenario for both groups – business people get data instantly to make decisions, while analytics teams can focus on more advanced analyses. Customers and the investment community are both responding handsomely to support this industry transformation.”

Click here to read ThoughtSpot’s full press release.