ThoughtSpot raised $100 million, announcing that the funding more than doubled its pre-money valuation to $4.2 billion. The new series F funding round for the data analytics software developer company was led by March Capital, a new investor, and brings the company’s funding total to $674 million.
The company also announced the launch of ThoughtSpot Data Workspace, a new set of tools for what the company dubbed ‘live analytics.’
ThoughtSpot, based in Sunnyvale, California, develops business intelligence tools that include its cloud-based business analytics platform (Modern analytics Cloud), which focuses on AI-assisted ease-of-use, search, and natural languages capabilities.
Strategic move
In 2020, the company made a strategic shift to the cloud, and in the last year, annual recurring revenue from cloud products has risen by more than 250%, which is more than half of all ARR.
ThoughtSpot’s CEO Sudheesh Nair said in a statement that one of the most challenging and most rewarding parts about being in his position is helping the company stay focused and ahead of its customers’ changing needs. He added that the company did so in the last year, accelerating its growth in the cloud space.
Nair said that the customers rely on ThoughtSpot to overcome the restrictions of older business analytics approaches.
ThoughtSpot has a plan
Other participants in the funding round included Sapphire Ventures, Snowflake Ventures, Lightspeed Ventures, General Catalyst, GIC, Fidelity Capital One Ventures, and Khosla Ventures. ThoughtSpot said it would focus on using the latest funding on new growth vectors. One of these is ThoughtSpot Everywhere, a developer platform launched in May last year.
With it, developers can embed analytics into applications that leverage ThoughtSpot’s analytical cloud services. Some of the funding will be used to expand sales and marketing efforts for the platform and extend existing collaborations faster.
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