ThoughtSpot, a US-based analytics software provider that counts enterprise technology producer Hewlett Packard Enterprise (HPE) and financial services firm Capital One as investors, completed a $248m funding round yesterday.
The oversubscribed round included Silver Lake Waterman, a growth capital fund run by private equity firm Silver Lake, as well as venture capital firms Lightspeed Venture Partners, Sapphire Ventures and Geodesic Capital, and was closed at a $1.95bn valuation.
ThoughtSpot’s artificial intelligence-equipped platform enables employees of organisations to analyse large volumes of data in order to get answers to queries, using only a basic search mechanism.
The funding will support the expansion of the company’s workforce, including its product and engineering teams, as it seeks to increase research and development activities.
The round boosted ThoughtSpot’s overall funding to $554m according to the company. It comes in the wake of a $145m series D round in May 2018 featuring Lightspeed Venture Partners, Sapphire Ventures, Future Fund, Khosla Ventures and General Catalyst.
HPE’s Pathfinder subsidiary had joined Capital One unit Capital One Growth Ventures as well as Lightspeed, General Catalyst, Geodesic Capital and Khosla Ventures in the company’s series C round, which closed at $120m in 2017.
ThoughtSpot CEO Sudheesh Nair said: “When I see the work our customers like Walmart, BT, and Daimler are doing with ThoughtSpot to transform their critical functions like supply chain or customer service, I am incredibly inspired, but I also realise how much unlocked potential remains when it comes to data-driven insights.
“The world is changing fast, and businesses that change faster will thrive. As technology partners to our customers, we have only one job: provide the agility that is like oxygen to these organisations so they can compete and win.”
