US-based analytics software provider ThoughtSpot secured $100m yesterday in a series F round featuring data software producer Snowflake and financial services firm Capital One at a valuation of $4.2bn.
Venture capital firm March Capital led the round, which included investment and financial services group Fidelity, Lightspeed Venture Partners, Khosla Ventures, Sapphire Ventures, General Catalyst and Singaporean sovereign wealth fund GIC.
The round increased the company’s total funding to $674m. Capital One and Snowflake invested through their respective corporate venturing units: Capital One Ventures and Snowflake Ventures.
ThoughtSpot’s artificial intelligence-powered platform allows companies to organise large amounts of data which they can access using a search function. The cash will go to boosting its sales and marketing capabilities, creating new partnerships and bringing more products to market.
The company closed its $248m series E round in August 2019 with Silver Lake Waterman, Lightspeed, Sapphire Ventures and Geodesic Capital all taking part at a $1.95m valuation.
Lightspeed, Sapphire Ventures, Khosla Ventures, Future Fund and General Catalyst had supplied $145m in series D funding for the company in 2018.
Capital One Growth Ventures and enterprise software provider Hewlett Packard Enterprise’s Hewlett Packard Pathfinder subsidiary took part in a Lightspeed-led series C round that closed at $120m in 2017 alongside existing backers General Catalyst, Geodesic Capital and Khosla Ventures.
ThoughtSpot’s chief executive Sudheesh Nair said: “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 is exactly what ThoughtSpot has done over the last year as we accelerated our growth as a cloud company.
“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.”
