Analytics startup ThoughtSpot raises $145 M in Series D round

The company said it will use the money raised to upgrade its analytics platform, expand globally including in EMEA and APAC markets.

ThoughtSpot, a startup that provides search and AI-driven analytics for the enterprises, on Wednesday announced raising $145 million in Series D funding that saw participation from both existing investors like Lightspeed Ventures, Future Fund, Khosla Ventures, and General Catalyst and new investors like Sapphire Ventures, and others. Since its inception in 2012, ThoughtSpot has raised a total of $306 million funding.

The company said it will use the money to upgrade its analytics platform, expand globally including in EMEA and APAC markets, and improve its research and development activities in Palo Alto, Seattle, Dallas, and Bengaluru.

ThoughtSpot said that the $203 billion analytics industry has historically catered to technical users in the enterprise segment. The startup has taken a radically different approach to solve this problem, putting the power of 1,000 analysts into the hands of non-technical business people without requiring any special training, the company said in a statement.

Ajeet Singh, founder and CEO, ThoughtSpot, said, “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. We see a world where analytics platform serves up insights to you before you can even articulate a question. 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.”

Ravi Mhatre, Partner, Lightspeed Venture Partners, said, “The analytics market has evolved to a point where it has become a business imperative for employees at all levels, and across all departments in an organisation to have access to trusted insights to make data-driven decisions.”

Currently, ThoughtSpot claims to be working with Fortune 100 companies and other global MNCs like Amway, Bed Bath & Beyond, Capital One, British Telecom and Sterling National Bank. Its biggest clients are in technology, telecommunications, oil & gas, retail, and financial segments.