AI-based analytics company ThoughtSpot has raised $100m in a Series F round of funding, which more than doubles its previous valuation to around $4.2 billion.
ThoughtSpot allows clients to instantly analyze billions of rows of data, and uses AI to give them insightful answers to thousands of questions. The firm partnered with Nielsen two years ago to launch a platform called Retail Insights, allowing brands to unearth insights in Nielsen's dataset through a simple search; and it has just launched a set of tools called ThoughtSpot Data Workplace, enabling the deployment of turnkey analytics applications for specific business functions such as sales, marketing and IT.
The new funding round, which brings the firm's total to date to $674m, was led by new investor March Capital, with participation from existing investors Lightspeed Ventures, Snowflake Ventures, Khosla Ventures, Fidelity, Capital One Ventures, General Catalyst, Sapphire Ventures and GIC. The money will be used to hire new analysts, data engineers and developers, and to drive sales and marketing and partnerships with SaaS providers and cloud platform companies.
CEO Sudheesh Nair (pictured) comments: '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'.
Web site: www.thoughtspot.com .
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.