ThoughtSpot explained

ThoughtSpot, Inc.
Former Name:Scaligent Inc.
Type:Private
Industry:Analytics, Business intelligence
Founded: in Palo Alto, California, United States
Founders:Ajeet Singh
Amit Prakash
Hq Location City:Mountain View, California[1]
Num Employees:600[2]
Num Locations:9[3]
Revenue: $100.2 Million(2019)[4]

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.[1] [5] [6]

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.[7] 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.[8] In 2014, the company raised $30 million in Series B funding led by Khosla Ventures.[9]

In January 2016, the company opened an office in London.[5] In February 2016, ThoughtSpot announced that it had increased its revenue by 810 percent over the previous year.[10] 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]

ThoughtSpot's clients include Walmart and Apple.[28] [29]

Technology

ThoughtSpot allows for non-technical individuals to conduct a self-service data analysis search.[30] The company introduced ThoughtSpot Monitor, a tool that monitors information for changing patterns or trends, in 2019 as part of its ThoughtSpot 6 software.[31] ThoughtSpot's software comes with connectors called SpotApps that are each designed to integrate with different cloud services.[32]

ThoughtSpot's software can analyze data from sources like Snowflake and Databricks, and integrates with the Google Cloud Platform and Amazon Web Services.[22] [33] It also offers an analytics software product designed for Google's data warehouse service, BigQuery.[34]

As of February 2021, ThoughtSpot was working on integrations with Microsoft Azure in a joint development agreement with Microsoft.[35]

ThoughtSpot also has a product for developing interactive self-service analytics tools.[36]

Recognition

In 2016, ThoughtSpot was named a "Cool Vendor in Analytics" by Gartner.[37] In 2017, the company announced that it was included on Gartner Magic Quadrant for Business Intelligence and Analytics Platforms report.[38] 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 2017 "Top 100 North American Companies" list.[39]

Notes and References

  1. Web site: ThoughtSpot Inc. Bloomberg. October 6, 2022. July 13, 2023. https://web.archive.org/web/20230713155808/https://www.bloomberg.com/profile/company/0948444D:US. live.
  2. Web site: ThoughtSpot. Forbes. March 31, 2022. April 2, 2022. https://web.archive.org/web/20220402045125/https://www.forbes.com/companies/thoughtspot/. live.
  3. Web site: Contact Us . ThoughtSpot . February 21, 2022 . March 17, 2022 . February 20, 2022 . https://web.archive.org/web/20220220141250/https://www.thoughtspot.com/contact-us . live .
  4. Web site: ThoughtSpot's $248M Haul Bolsters its Hand in Clash with Salesforce's Tableau. Forbes. September 7, 2018. March 31, 2022. October 17, 2021. https://web.archive.org/web/20211017074917/https://www.forbes.com/sites/petercohan/2019/09/07/thoughtspots-248m-haul-bolsters-its-hand-in-clash-with-salesforces-tableau/. live.
  5. Web site: ThoughtSpot Announces $50M Series C Funding to Lead Search-Driven Analytics for the Enterprise. Martech Advisor. Rohit. Roy. May 20, 2016. July 29, 2016. September 24, 2016. https://web.archive.org/web/20160924072434/http://www.martechadvisor.com/news/bi-ci-data-science/thoughtspot-announces-50m-series-c-funding-to-lead-searchdriven-analytics-for-the-enterprise/. live.
  6. News: Vanian . Jonathan . Exclusive: ThoughtSpot Gets Huge Funding to Expand its Google-Like Search For Corporate Data . . May 8, 2018 . May 8, 2018 . May 8, 2018 . https://web.archive.org/web/20180508161400/http://fortune.com/2018/05/08/thoughtspot-enterprise-google-search-unicorn/ . live .
  7. Web site: Former Googlers Create ThoughtSpot for Google-Like Enterprise Search. The Wall Street Journal. Deborah. Gage. February 5, 2014. July 29, 2016. August 13, 2016. https://web.archive.org/web/20160813194957/http://blogs.wsj.com/venturecapital/2014/02/05/former-googlers-create-thoughtspot-for-google-like-enterprise-search/. live.
  8. Web site: Nutanix Co-Founder Launches ThoughtSpot, an Appliance for Analytics. Gigaom. Derrick. Harris. February 5, 2014. July 29, 2016. August 17, 2016. https://web.archive.org/web/20160817072640/https://gigaom.com/2014/02/05/nutanix-co-founder-launches-thoughtspot-an-appliance-for-analytics/. live.
  9. Web site: ThoughtSpot Grabs $30M In Series B Funding To Modernize Business Intelligence. TechCrunch. Ron. Miller. June 18, 2014. July 29, 2016. August 21, 2016. https://web.archive.org/web/20160821151438/https://techcrunch.com/2014/06/18/thoughtspot-grabs-30m-in-series-b-funding-to-modernize-business-intelligence/. live.
  10. Web site: ThoughtSpot Brings Total Capital Investment to Over $90 Million With Series C Funding. Equities. Destiny. Lopez. May 23, 2016. July 29, 2016. September 14, 2016. https://web.archive.org/web/20160914045538/https://www.equities.com/news/thoughtspot-brings-total-capital-investment-to-over-90-million-with-series-c-funding. live.
  11. Web site: Investors Serve Up $50 Million for ThoughtSpot's Search Engine for Enterprise Data. TechCrunch. Jonatha. Shieber. May 19, 2016. July 29, 2016. August 21, 2016. https://web.archive.org/web/20160821161253/https://techcrunch.com/2016/05/19/investors-serve-up-50-million-for-thoughtspots-search-engine-for-enterprise-data/. live.
  12. Web site: Can This Startup Become the Corporate Version of Google?. Fortune. Heather. Clancy. May 19, 2016. July 29, 2016. July 27, 2016. https://web.archive.org/web/20160727154041/http://fortune.com/2016/05/19/thoughtspot-series-c/. live.
  13. Web site: ThoughtSpot Expands Series C Funding With Hewlett Packard Pathfinder. Finsmes. October 17, 2016. November 22, 2016. November 23, 2016. https://web.archive.org/web/20161123140858/http://www.finsmes.com/2016/10/thoughtspot-expands-series-c-funding-with-hewlett-packard-pathfinder.html. live.
  14. Web site: ThoughtSpot Receives Series C Financing Round. Xconomy. October 18, 2016. November 22, 2016. November 23, 2016. https://web.archive.org/web/20161123201748/http://www.xconomy.com/san-francisco/2016/10/18/thoughtspot-receives-series-c-financing-round/. live.
  15. News: ThoughtSpot: A Unicorn With $145 Million in Funding. Swartz. Jon. May 9, 2018. en-US. May 8, 2018. https://web.archive.org/web/20180508210854/https://www.barrons.com/articles/thoughtspot-a-unicorn-with-145-million-in-funding-1525798124. live.
  16. Web site: Exclusive: ThoughtSpot Gets Big Funding to Expand its Google-Like Search For Corporate Data. March 9, 2021. Fortune. en. April 19, 2021. https://web.archive.org/web/20210419221618/https://fortune.com/2018/05/08/thoughtspot-enterprise-google-search-unicorn/. live.
  17. Web site: ThoughtSpot Names Sudheesh Nair as CEO . WSJ . August 1, 2018 . March 31, 2022 . March 31, 2022 . https://web.archive.org/web/20220331201256/https://www.wsj.com/articles/thoughtspot-names-sudheesh-nair-as-ceo-1533161601 . live .
  18. Web site: Fast-growing Palo Alto unicorn moves HQ to Sunnyvale . Schubarth . Cromwell . March 13, 2019 . Biz Journals . Biz Journals . November 14, 2019 . October 29, 2020 . https://web.archive.org/web/20201029032947/https://www.bizjournals.com/sanjose/news/2019/03/13/thoughtspot-hq-sunnyvale-growth-hiring.html . live .
  19. Web site: ThoughtSpot hauls in $248M Series E on $1.95B valuation. March 9, 2021. TechCrunch. en-US.
  20. Web site: As 5 more startups join the $100M club, are we just making a pre-IPO list? . 2023-07-13 . 2023-04-02 . https://web.archive.org/web/20230402070027/https://techcrunch.com/2020/02/13/as-5-more-startups-join-the-100m-club-are-we-just-making-a-pre-ipo-list/ . live .
  21. Web site: Schubarth. Cromwell. January 21, 2021. Sunnyvale analytics unicorn checks another pre-IPO box by hiring Square, PayPal vet as CFO. live. March 9, 2021. www.bizjournals.com. March 21, 2023. https://web.archive.org/web/20230321011216/https://www.bizjournals.com/sanjose/news/2020/01/21/thoughspot-cfo-mohit-daswani-square-paypal-ipo.html.
  22. Web site: Cai . Kenrick . ThoughtSpot Raises At $4.2 Billion Valuation As It Wraps Up Transition To The Cloud . Forbes . November 15, 2021 . April 11, 2022 . April 11, 2022 . https://web.archive.org/web/20220411161446/https://www.forbes.com/sites/kenrickcai/2021/11/15/thoughtspot-raises-series-f-at-4-billion-valuation-after-cloud-migration/ . live .
  23. News: Tech Mahindra partners with ThoughtSpot for AI driven analytics. The Economic Times. March 9, 2021. March 10, 2021. https://web.archive.org/web/20210310010712/https://economictimes.indiatimes.com/tech/information-tech/tech-mahindra-partners-with-thoughtspot-for-ai-driven-analytics/articleshow/81344995.cms. live.
  24. Web site: Whiting . Rick . Data Cloud Giant Snowflake Tightens Alliance With Analytics Developer ThoughtSpot With $20M Investment . CRN . March 9, 2021 . April 11, 2022 . April 11, 2022 . https://web.archive.org/web/20220411161827/https://www.crn.com/news/applications-os/data-cloud-giant-snowflake-tightens-alliance-with-analytics-developer-thoughtspot-with-20m-investment . live .
  25. Web site: ThoughtSpot makes first acquisition, buys SeekWell . SearchBusinessAnalytics . March 31, 2021 . March 17, 2022 . April 11, 2022 . https://web.archive.org/web/20220411161827/https://www.techtarget.com/searchbusinessanalytics/news/252498688/ThoughtSpot-makes-first-acquisition-buys-SeekWell . live .
  26. Web site: Acquisition by ThoughtSpot adds data integration capabilities . SearchBusinessAnalytics . May 5, 2021 . April 11, 2022 . April 11, 2022 . https://web.archive.org/web/20220411161836/https://www.techtarget.com/searchbusinessanalytics/news/252500294/Acquisition-by-ThoughtSpot-adds-data-integration-capabilities . live .
  27. Web site: Wiggers . Kyle . 2023-06-26 . ThoughtSpot acquires Mode Analytics, a BI platform, for $200M in cash and stock . 2023-07-24 . TechCrunch . en-US.
  28. Web site: ThoughtSpot Raises $248 Million, Plans To Utilise It To Develop AI-Driven Analytics. Hebbar. Prajakta. August 29, 2019. en-US. October 23, 2019. October 23, 2019. https://web.archive.org/web/20191023135425/https://analyticsindiamag.com/thoughtspot-raises-248-million-plans-to-utilise-it-to-develop-ai-driven-analytics/. live.
  29. Web site: AI Tool From Fannie Mae Sheds Light on Housing Market . 2023-07-13 . 2022-11-10 . https://web.archive.org/web/20221110124812/http://www.wsj.com/articles/ai-tool-from-fannie-mae-sheds-light-on-housing-market-11565083800 . live .
  30. Web site: ThoughtSpot's Google-Style Search For Business Intelligence Finds $30M . August 15, 2016 . VentureBeat . Jordan . Novet . June 18, 2014 . October 19, 2016 . https://web.archive.org/web/20161019014432/http://venturebeat.com/2014/06/18/thoughtspot-funding/ . live .
  31. Web site: ThoughtSpot 6 advances AI power of BI platform . 2023-07-13 . 2021-10-22 . https://web.archive.org/web/20211022152403/https://searchbusinessanalytics.techtarget.com/news/252472221/ThoughtSpot-6-advances-AI-power-of-BI-platform . live .
  32. Web site: Latest ThoughtSpot BI capabilities target new personas . SearchBusinessAnalytics . November 16, 2021 . March 18, 2022 . March 31, 2022 . https://web.archive.org/web/20220331040716/https://www.techtarget.com/searchbusinessanalytics/news/252509606/Latest-ThoughtSpot-BI-capabilities-target-new-personas . live .
  33. Web site: ThoughtSpot aims to enhance cloud-based analytics searches . SearchBusinessAnalytics . June 22, 2020 . March 18, 2022 . May 17, 2022 . https://web.archive.org/web/20220517181735/https://www.techtarget.com/searchbusinessanalytics/news/252485011/ThoughtSpot-aims-to-enhance-cloud-based-analytics-searches . live .
  34. Web site: Chan . Rosalie . 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 . March 24, 2020 . March 18, 2022 . April 14, 2022 . https://web.archive.org/web/20220414215726/https://www.businessinsider.com/thoughtspot-embrace-google-cloud-bigquery-2020-3 . live .
  35. Web site: ThoughtSpot, Azure alliance boosts BI capabilities of both . SearchBusinessAnalytics . February 11, 2021 . March 18, 2022 . May 17, 2022 . https://web.archive.org/web/20220517181734/https://www.techtarget.com/searchbusinessanalytics/news/252496242/ThoughtSpot-Azure-alliance-boosts-BI-capabilities-of-both . live .
  36. Web site: Fregoni . Silvia . Gillin . Paul . Wheatley . Mike . Building interactive data apps: Inside ThoughtSpot Everywhere's open developer-centric platform . SiliconANGLE . September 23, 2021 . March 18, 2022 . March 4, 2022 . https://web.archive.org/web/20220304232348/https://siliconangle.com/2021/09/23/building-interactive-data-apps-inside-thoughtspot-everywheres-open-developer-centric-platform/ . live .
  37. Web site: Gartner Names 5 Cool Vendors in Analytics, 2016. Business Intelligence Solutions Review. Timothy. King. June 7, 2016. July 15, 2017. January 3, 2018. https://web.archive.org/web/20180103182449/https://solutionsreview.com/business-intelligence/gartner-names-5-cool-vendors-in-analytics-2016/. live.
  38. Web site: Silicon Valley startups aim to make big data capture and prep slicker . ComputerWeekly.com . 2017-04-23 . 2017-04-24 . https://web.archive.org/web/20170424220808/http://www.computerweekly.com/feature/Silicon-Valley-startups-aim-to-make-big-data-capture-and-prep-slicker . live .
  39. Web site: 2017 Red Herring North America: Top 100 Winners. Red Herring. 2017-07-15. 2017-07-08. https://web.archive.org/web/20170708172625/http://www.redherring.com/2017-rhna-winners/. live.

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