[Funding alert] ThoughtSpot raises $248M at $1.95B valuation from Silver Lake Waterman, Lightspeed, Sapphire, Geodesic
Palo Alto-based ThoughtSpot closed Series E funding of $248 million at a valuation of $1.95 billion in an oversubscribed round, bringing the company’s total funding to $554 million.
New investor Silver Lake Waterman, Silver Lake’s late-stage growth capital fund, joined existing backers Lightspeed Venture Partners, Sapphire Ventures, and Geodesic Capital in this round of funding.
With the new funding, ThoughtSpot will continue to invest in its go-to-market teams in North America, EMEA, and APAC to meet growing demand, expand R&D efforts, including hiring for its engineering and product teams, and invest in customer and thought leadership events, like the company’s annual customer conference Beyond 2019, it said in a statement.
Sudheesh Nair, CEO of ThoughtSpot, said, “When I see the work our customers like Walmart, BT, and Daimler are doing with ThoughtSpot to transform their critical functions like supply chain or customer service, I’m incredibly inspired, but I also realise how much unlocked potential remains when it comes to data-driven insights."
ThoughtSpot was founded in 2012 by Ajeet Singh, Shashank Gupta, Vijay Ganeshan, Sanjay Agrawal, Abhishek Rai, Priyendra Deshwal, and Amit Prakash.
Last May, it raised $145 million in Series D funding from both existing investors like Lightspeed Ventures, Future Fund, Khosla Ventures, and General Catalyst and new investors like Sapphire Ventures, and others. Earlier in April, the startup had announced that it will invest $25 million in its engineering centre in Bengaluru, India.
ThoughtSpot provides search and AI-driven analytics for business and enterprises.
In its statement, the startup said that the funding comes on the heels of a year of record growth for ThoughtSpot across all facets. It counts companies like Walmart, Hulu, Daimler, 7Eleven, PetCo, and Rolls Royce as its customers.
The company also has an average sale price of $250,000, contributing to sales growing 195 percent in the first half of the fiscal year as the company approaches $100 million run-rate.
In the past couple of years, ThoughtSpot has announced partnerships with the likes of Google Cloud Platform, Snowflake, Dell, DataRobot, Alteryx, and Carahsoft to help customers tackle challenges across the data pipeline.
Ajeet, Co-founder and Executive Chairman said that while today’s announcement is certainly a major milestone,
"We know we are only 2 percent done in achieving our goals on behalf of our customers. We will not rest on our laurels and will continue to bring fundamental innovation to the market, because that is who we are."
(Edited by Saheli Sen Gupta)