ThoughtSpot has raised $100 million in a new funding round that more than doubles the data analytics software developer’s pre-money valuation to $4.2 billion, the company said Monday.
The new Series F funding round, led by new investor March Capital, brings ThoughtSpot’s total funding to $674 million.
The company also announced the launch of ThoughtSpot Data Workspace, a new set of tools for what the company calls “live analytics.”
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ThoughtSpot, based in Sunnyvale, Calif., develops business intelligence tools including its cloud-based business analytics platform, the Modern Analytics Cloud, that emphasizes ease-of-use through AI, search and natural language capabilities.
The company made a strategic pivot to the cloud in 2020 and in the last year annual recurring revenue from cloud products has grown by more than 250 percent, accounting for more than half of all ARR.
“One of the most challenging and most rewarding parts of being a CEO is helping a company stay focused ahead of the changing needs of its customers. That’s exactly what ThoughtSpot has done over the last year as we accelerated our growth as a cloud company,” said ThoughtSpot CEO Sudheesh Nair, in a statement.
“Our customers rely on us to break free from the tyranny of averages as they build their businesses on data. Today’s funding shows just how valuable the work we do with our customers truly has become,” Nair said.
The company raised $248 million in a Series E round of funding in August 2019, putting its value at the time at $1.95 billion. Since then the company has received investments from single investors including data cloud company Snowflake, which acquired an equity stake in ThoughtSpot with a $20 million investment in March of this year.
In addition to March Capital, participants in the latest funding round included existing investors Lightspeed Ventures, Snowflake Ventures, Khosla Ventures, Fidelity, Capital One Ventures, General Catalyst, Sapphire Ventures and GIC.
ThoughtSpot said it will focus use of the latest funding on new growth vectors for the company. The first is ThoughtSpot Everywhere, the company’s developer platform launched in May 2020 that allows developers to embed analytics within applications that take advantage of ThoughtSpot’s analytical cloud services.
ThoughtSpot said ThoughtSpot Everywhere has recorded 100 percent quarter-over-quarter growth since its launch. Some of the new funding will be used to expand sales and marketing efforts for the product, including establishing partnerships with SaaS providers and cloud platform companies.
The other growth area is continued development of analytical capabilities for what ThoughtSpot calls “analytics engineers” who are charged with architecting IT systems to provide analytical capabilities quickly, at scale, for users of all backgrounds and technical skill levels.
ThoughtSpot’s new Data Workspace software, unveiled Monday, is one such example. Data Workspace provides advanced capabilities for analysts, data engineers and developers build and operationalize what the company calls “live analytics” throughout an organization, according to the company. Live analytics is the concept that every chart, data set and analytical insight is capable of interactive follow-up and drill-down questions.
Monday ThoughtSpot also introduced SpotApps, fully integrated applications that analysts and developers use to launch analytics projects for common SaaS applications with just a few clicks. SpotApps are made possible by ThoughtSpot Blocks pre-packaged pieces of code.