ThoughtSpot

ThoughtSpot, Inc. is a technology company that produces business intelligence analytics search software. The company is based in Sunnyvale, California, and was founded in 2012.[6][7]

ThoughtSpot, Inc.
FormerlyScaligent Inc.[1]
TypePrivate
IndustryAnalytics, Business intelligence
Founded2012 (2012) in Palo Alto, California, United States
FoundersAjeet Singh
Amit Prakash[2]
Headquarters
San Jose, CA
Number of locations
9[3]
Key people
  • Sudheesh Nair CEO
  • Amit Prakash CTO
  • Ajeet Singh co-founder and chairman
Revenue $100.2 Million(2019)[4]
Number of employees
600[5]
Websitethoughtspot.com

History

ThoughtSpot was founded in 2012 by a team of engineers who previously worked for Google, Oracle, Microsoft, Yahoo, and other Silicon Valley companies. The CEO and co-founder, Ajeet Singh, previously co-founded the company Nutanix.[8] In late 2012, ThoughtSpot raised $10.7 million in Series A funding led by Lightspeed Venture Partners.[9] In 2014, the company raised $30 million in Series B funding led by Khosla Ventures.[2]

In January 2016, the company opened an office in London.[6] In February 2016, ThoughtSpot announced that it had increased its revenue by 810 percent over the previous year.[1] In May 2016, ThoughtSpot raised $50 million in Series C funding led by General Catalyst Partners.[10][11] In October 2016, the company expanded its series C funding with an investment from Hewlett Packard Pathfinder. As part of the investment, ThoughtSpot entered the Pathfinder program and begin selling its software on Hewlett-Packard Enterprise infrastructure.[12][13]

In May 2018, the company raised $145 million in Series D funding from Sapphire Ventures, Lightspeed Ventures, Khosla Ventures, General Catalyst and others to expand its AI based analytics platform.[14] At the time, the company was valued at over $1 billion.[15] In August, ThoughtSpot appointed former Nutanix President Sudheesh Nair as its new CEO.[16]

In March 2019, ThoughtSpot relocated their headquarters from Palo Alto to Sunnyvale.[17] In August 2019, the company raised $248 million in Series E funding from Silver Lake, Sapphire Ventures, and Geodesic Capital.[18]

By 2020, the company had $100 million in annual recurring revenue.[19] In January 2020, the company hired several new executives for a potential initial public offering later that year.[20] In November, the company announced a $100 million series F funding round that valued it at $4.2 billion.[21]

On March 5, 2021 ThoughtSpot partnered with Indian information technology company Tech Mahindra.[22] Also in March, the company announced it had raised another $20 million in venture capital investments from partner Snowflake Inc.'s venture capital arm Snowflake Ventures.[23] Also in March, ThoughtSpot made its first acquisition by acquiring SQL-based analytics software startup SeekWell for $20 million.[24] In May, ThoughtSpot acquired data integration company Diyotta.[25]

ThoughtSpot's clients include the companies Walmart, Apple, BT, Bed Bath & Beyond, Hightail and Fannie Mae.[26][27]

Technology

ThoughtSpot allows for non-technical individuals to conduct a self-service data analysis search.[28] The company introduced ThoughtSpot Monitor, a tool that monitors information for changing patterns or trends, in 2019 as part of its ThoughtSpot 6 software.[29]

Recognition

In 2016, ThoughtSpot was named a "Cool Vendor in Analytics" by Gartner.[30] In 2017, the company announced that it was included on Gartner Magic Quadrant for Business Intelligence and Analytics Platforms report.[31] Later, Gartner included ThoughtSpot in the leaders quadrant for Analytics and BI platforms for the years 2019 and 2020. ThoughtSpot was included in Red Herring's "Top 100 North American Companies" list.[32]

References
  1. Lopez, Destiny (May 23, 2016). "ThoughtSpot Brings Total Capital Investment to Over $90 Million With Series C Funding". Equities. Retrieved July 29, 2016.
  2. Miller, Ron (June 18, 2014). "ThoughtSpot Grabs $30M In Series B Funding To Modernize Business Intelligence". TechCrunch. Retrieved July 29, 2016.
  3. "Contact Us". ThoughtSpot. February 21, 2022. Retrieved March 17, 2022.
  4. "ThoughtSpot's $248M Haul Bolsters its Hand in Clash with Salesforce's Tableau". Forbes. September 7, 2018. Retrieved March 31, 2022.
  5. "ThoughtSpot". Forbes. Retrieved March 31, 2022.
  6. Roy, Rohit (May 20, 2016). "ThoughtSpot Announces $50M Series C Funding to Lead Search-Driven Analytics for the Enterprise". Martech Advisor. Retrieved July 29, 2016.
  7. Vanian, Jonathan (2018-05-08). "Exclusive: ThoughtSpot Gets Huge Funding to Expand its Google-Like Search For Corporate Data". Fortune. Retrieved 2018-05-08.
  8. Gage, Deborah (February 5, 2014). "Former Googlers Create ThoughtSpot for Google-Like Enterprise Search". The Wall Street Journal. Retrieved July 29, 2016.
  9. Harris, Derrick (February 5, 2014). "Nutanix Co-Founder Launches ThoughtSpot, an Appliance for Analytics". Gigaom. Retrieved July 29, 2016.
  10. Shieber, Jonatha (May 19, 2016). "Investors Serve Up $50 Million for ThoughtSpot's Search Engine for Enterprise Data". TechCrunch. Retrieved July 29, 2016.
  11. Clancy, Heather (May 19, 2016). "Can This Startup Become the Corporate Version of Google?". Fortune. Retrieved July 29, 2016.
  12. "ThoughtSpot Expands Series C Funding With Hewlett Packard Pathfinder". Finsmes. October 17, 2016. Retrieved November 22, 2016.
  13. "ThoughtSpot Receives Series C Financing Round". Xconomy. October 18, 2016. Retrieved November 22, 2016.
  14. Swartz, Jon. "ThoughtSpot: A Unicorn With $145 Million in Funding". Retrieved 2018-05-09.
  15. "Exclusive: ThoughtSpot Gets Big Funding to Expand its Google-Like Search For Corporate Data". Fortune. Retrieved 2021-03-09.
  16. "ThoughtSpot Names Sudheesh Nair as CEO". WSJ. August 1, 2018. Retrieved March 31, 2022.
  17. Schubarth, Cromwell (March 13, 2019). "Fast-growing Palo Alto unicorn moves HQ to Sunnyvale". Biz Journals. Biz Journals. Retrieved November 14, 2019.
  18. "ThoughtSpot hauls in $248M Series E on $1.95B valuation". TechCrunch. Retrieved 2021-03-09.
  19. As 5 more startups join the $100M club, are we just making a pre-IPO list?
  20. Schubarth, Cromwell (January 21, 2021). "Sunnyvale analytics unicorn checks another pre-IPO box by hiring Square, PayPal vet as CFO". www.bizjournals.com. Retrieved 2021-03-09.{{cite web}}: CS1 maint: url-status (link)
  21. Cai, Kenrick (November 15, 2021). "ThoughtSpot Raises At $4.2 Billion Valuation As It Wraps Up Transition To The Cloud". Forbes. Retrieved April 11, 2022.
  22. "Tech Mahindra partners with ThoughtSpot for AI driven analytics". The Economic Times. Retrieved 2021-03-09.
  23. Whiting, Rick (March 9, 2021). "Data Cloud Giant Snowflake Tightens Alliance With Analytics Developer ThoughtSpot With $20M Investment". CRN. Retrieved April 11, 2022.
  24. "ThoughtSpot makes first acquisition, buys SeekWell". SearchBusinessAnalytics. March 31, 2021. Retrieved March 17, 2022.
  25. "Acquisition by ThoughtSpot adds data integration capabilities". SearchBusinessAnalytics. May 5, 2021. Retrieved April 11, 2022.
  26. Hebbar, Prajakta (29 August 2019). "ThoughtSpot Raises $248 Million, Plans To Utilise It To Develop AI-Driven Analytics". Retrieved 2019-10-23.
  27. AI Tool From Fannie Mae Sheds Light on Housing Market
  28. Novet, Jordan (June 18, 2014). "ThoughtSpot's Google-Style Search For Business Intelligence Finds $30M". VentureBeat. Retrieved August 15, 2016.
  29. ThoughtSpot 6 advances AI power of BI platform
  30. King, Timothy (June 7, 2016). "Gartner Names 5 Cool Vendors in Analytics, 2016". Business Intelligence Solutions Review.
  31. "Silicon Valley startups aim to make big data capture and prep slicker". ComputerWeekly.com.
  32. "2017 Red Herring North America: Top 100 Winners". Red Herring.
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