ThoughtSpot

Last updated
ThoughtSpot, Inc.
FormerlyScaligent Inc. [1]
Company type Private
Industry Analytics, Business intelligence
Founded2012;12 years ago (2012) in Palo Alto, California, United States
FoundersAjeet Singh
Amit Prakash [2]
Headquarters
Mountain View, California [3]
Number of locations
9 [4]
Key people
RevenueIncrease2.svg $100.2 Million(2019) [5]
Number of employees
600 [6]
Website thoughtspot.com

ThoughtSpot, Inc. is a technology company that produces business intelligence analytics search software. The company is based in Mountain View, California, and was founded in 2012. [3] [7] [8]

Contents

History

ThoughtSpot was started in 2012 by Ajeet Singh (CEO) and Amit Prakash (CTO). The CEO and co-founder, Ajeet Singh, previously co-founded the company Nutanix. [9] The CTO and co-founders, Amit Prakash, came from Google where he was responsible for one of the machine learning systems for Ads. In late 2012, ThoughtSpot raised $10.7 million in Series A funding led by Lightspeed Venture Partners. [10] 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. [7] 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. [11] [12] 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. [13] [14]

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. [15] At the time, the company was valued at over $1 billion. [16] In August, ThoughtSpot appointed former Nutanix President Sudheesh Nair as its new CEO. [17]

In March 2019, ThoughtSpot relocated their headquarters from Palo Alto to Sunnyvale. [18] In August 2019, the company raised $248 million in Series E funding from Silver Lake, Sapphire Ventures, and Geodesic Capital. [19]

By 2020, the company had $100 million in annual recurring revenue. [20] In January 2020, the company hired several new executives for a potential initial public offering later that year. [21] In November, the company announced a $100 million series F funding round that valued it at $4.2 billion. [22]

On March 5, 2021, ThoughtSpot partnered with Indian information technology company Tech Mahindra. [23] 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. [24] Also in March, ThoughtSpot made its first acquisition by acquiring SQL-based analytics software startup SeekWell for $20 million. [25] In May, ThoughtSpot acquired data integration company Diyotta. [26]

On June 26, 2023, ThoughtSpot acquired business intelligence startup Mode Analytics for $200 million in cash and stock. [27]

On September 27, 2024, ThoughtSpot appointed Ketan Karkhanis, former Executive Vice President and General Manager of Sales Cloud at Salesforce, as its new CEO.

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] ThoughtSpot's software comes with connectors called SpotApps that are each designed to integrate with different cloud services. [30]

ThoughtSpot's software can analyze data from sources like Snowflake and Databricks, and integrates with the Google Cloud Platform and Amazon Web Services. [22] [31] It also offers an analytics software product designed for Google's data warehouse service, BigQuery. [32]

As of February 2021, ThoughtSpot was working on integrations with Microsoft Azure in a joint development agreement with Microsoft. [33]

ThoughtSpot also has a product for developing interactive self-service analytics tools. [34]

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References

  1. 1 2 Lopez, Destiny (May 23, 2016). "ThoughtSpot Brings Total Capital Investment to Over $90 Million With Series C Funding". Equities. Archived from the original on September 14, 2016. Retrieved July 29, 2016.
  2. 1 2 Miller, Ron (June 18, 2014). "ThoughtSpot Grabs $30M In Series B Funding To Modernize Business Intelligence". TechCrunch. Archived from the original on August 21, 2016. Retrieved July 29, 2016.
  3. 1 2 "ThoughtSpot Inc". Bloomberg . Archived from the original on July 13, 2023. Retrieved October 6, 2022.
  4. ↑ "Contact Us". ThoughtSpot. February 21, 2022. Archived from the original on February 20, 2022. Retrieved March 17, 2022.
  5. ↑ "ThoughtSpot's $248M Haul Bolsters its Hand in Clash with Salesforce's Tableau". Forbes . September 7, 2018. Archived from the original on October 17, 2021. Retrieved March 31, 2022.
  6. ↑ "ThoughtSpot". Forbes . Archived from the original on April 2, 2022. Retrieved March 31, 2022.
  7. 1 2 Roy, Rohit (May 20, 2016). "ThoughtSpot Announces $50M Series C Funding to Lead Search-Driven Analytics for the Enterprise". Martech Advisor. Archived from the original on September 24, 2016. Retrieved July 29, 2016.
  8. ↑ Vanian, Jonathan (May 8, 2018). "Exclusive: ThoughtSpot Gets Huge Funding to Expand its Google-Like Search For Corporate Data". Fortune . Archived from the original on May 8, 2018. Retrieved May 8, 2018.
  9. ↑ Gage, Deborah (February 5, 2014). "Former Googlers Create ThoughtSpot for Google-Like Enterprise Search". The Wall Street Journal. Archived from the original on August 13, 2016. Retrieved July 29, 2016.
  10. ↑ Harris, Derrick (February 5, 2014). "Nutanix Co-Founder Launches ThoughtSpot, an Appliance for Analytics". Gigaom. Archived from the original on August 17, 2016. Retrieved July 29, 2016.
  11. ↑ Shieber, Jonatha (May 19, 2016). "Investors Serve Up $50 Million for ThoughtSpot's Search Engine for Enterprise Data". TechCrunch. Archived from the original on August 21, 2016. Retrieved July 29, 2016.
  12. ↑ Clancy, Heather (May 19, 2016). "Can This Startup Become the Corporate Version of Google?". Fortune. Archived from the original on July 27, 2016. Retrieved July 29, 2016.
  13. ↑ "ThoughtSpot Expands Series C Funding With Hewlett Packard Pathfinder". Finsmes. October 17, 2016. Archived from the original on November 23, 2016. Retrieved November 22, 2016.
  14. ↑ "ThoughtSpot Receives Series C Financing Round". Xconomy. October 18, 2016. Archived from the original on November 23, 2016. Retrieved November 22, 2016.
  15. ↑ Swartz, Jon. "ThoughtSpot: A Unicorn With $145 Million in Funding". Archived from the original on May 8, 2018. Retrieved May 9, 2018.
  16. ↑ "Exclusive: ThoughtSpot Gets Big Funding to Expand its Google-Like Search For Corporate Data". Fortune. Archived from the original on April 19, 2021. Retrieved March 9, 2021.
  17. ↑ "ThoughtSpot Names Sudheesh Nair as CEO". WSJ. August 1, 2018. Archived from the original on March 31, 2022. Retrieved March 31, 2022.
  18. ↑ Schubarth, Cromwell (March 13, 2019). "Fast-growing Palo Alto unicorn moves HQ to Sunnyvale". Biz Journals. Biz Journals. Archived from the original on October 29, 2020. Retrieved November 14, 2019.
  19. ↑ "ThoughtSpot hauls in $248M Series E on $1.95B valuation". TechCrunch. Retrieved March 9, 2021.
  20. ↑ "As 5 more startups join the $100M club, are we just making a pre-IPO list?". Archived from the original on 2023-04-02. Retrieved 2023-07-13.
  21. ↑ Schubarth, Cromwell (January 21, 2021). "Sunnyvale analytics unicorn checks another pre-IPO box by hiring Square, PayPal vet as CFO". www.bizjournals.com. Archived from the original on March 21, 2023. Retrieved March 9, 2021.
  22. 1 2 Cai, Kenrick (November 15, 2021). "ThoughtSpot Raises At $4.2 Billion Valuation As It Wraps Up Transition To The Cloud". Forbes. Archived from the original on April 11, 2022. Retrieved April 11, 2022.
  23. ↑ "Tech Mahindra partners with ThoughtSpot for AI driven analytics". The Economic Times. Archived from the original on March 10, 2021. Retrieved March 9, 2021.
  24. ↑ Whiting, Rick (March 9, 2021). "Data Cloud Giant Snowflake Tightens Alliance With Analytics Developer ThoughtSpot With $20M Investment". CRN. Archived from the original on April 11, 2022. Retrieved April 11, 2022.
  25. ↑ "ThoughtSpot makes first acquisition, buys SeekWell". SearchBusinessAnalytics. March 31, 2021. Archived from the original on April 11, 2022. Retrieved March 17, 2022.
  26. ↑ "Acquisition by ThoughtSpot adds data integration capabilities". SearchBusinessAnalytics. May 5, 2021. Archived from the original on April 11, 2022. Retrieved April 11, 2022.
  27. ↑ Wiggers, Kyle (2023-06-26). "ThoughtSpot acquires Mode Analytics, a BI platform, for $200M in cash and stock". TechCrunch. Retrieved 2023-07-24.
  28. ↑ Novet, Jordan (June 18, 2014). "ThoughtSpot's Google-Style Search For Business Intelligence Finds $30M". VentureBeat. Archived from the original on October 19, 2016. Retrieved August 15, 2016.
  29. ↑ "ThoughtSpot 6 advances AI power of BI platform". Archived from the original on 2021-10-22. Retrieved 2023-07-13.
  30. ↑ "Latest ThoughtSpot BI capabilities target new personas". SearchBusinessAnalytics. November 16, 2021. Archived from the original on March 31, 2022. Retrieved March 18, 2022.
  31. ↑ "ThoughtSpot aims to enhance cloud-based analytics searches". SearchBusinessAnalytics. June 22, 2020. Archived from the original on May 17, 2022. Retrieved March 18, 2022.
  32. ↑ Chan, Rosalie (March 24, 2020). "Buzzy $1.95 billion startup ThoughtSpot was seeing so many customers move to Google Cloud that it's launching one of its key analytics products on it". Business Insider. Archived from the original on April 14, 2022. Retrieved March 18, 2022.
  33. ↑ "ThoughtSpot, Azure alliance boosts BI capabilities of both". SearchBusinessAnalytics. February 11, 2021. Archived from the original on May 17, 2022. Retrieved March 18, 2022.
  34. ↑ Fregoni, Silvia; Gillin, Paul; Wheatley, Mike (September 23, 2021). "Building interactive data apps: Inside ThoughtSpot Everywhere's open developer-centric platform". SiliconANGLE. Archived from the original on March 4, 2022. Retrieved March 18, 2022.
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