US-based enterprise analytics platform ThoughtSpot has added $60m to a series C round featuring financial services provider Capital One and enterprise software provider Hewlett Packard Enterprise (HPE) that now totals $120m.
Venture capital firm Lightspeed Venture Partners led the final tranche, which included Capital One’s strategic investment arm, Capital One Growth Ventures, and all ThoughtSpot’s existing backers. The final $60m was closed in January 2017 but announced by the company yesterday.
Lightspeed Venture Partners, General Catalyst Partners, Geodesic Capital and Khosla Ventures provided the first $50m of the round in May 2016 before HPE’s Hewlett Packard Pathfinder unit added funding in October.
Founded in 2012, Thoughtspot has developed software that can connect to large amounts of enterprise data in the cloud, on-premises or on a desktop, before using artificial intelligence (AI) analytics technology to search for more precise information and insights.
The funding was disclosed alongside the introduction of SpotIQ, an AI tool that combines with relational search technology to automatically query thousands of questions across billions of data points. It will be added to the Thoughtspot platform next month.
The round took the company’s overall funding to about $160m. Lightspeed led its $10.7m series A round in February 2014 before returning for a $30m series B led by Khosla Ventures four months later.
Jaidev Shergill, managing partner of Capital One Growth Ventures, said: “Data intelligence drives our decision-making and allows us to consistently deliver intuitive customer experiences.
“With ThoughtSpot’s relationship search technology and SpotIQ, even non-technical teams can now quickly access and analyse data using simple language. We look forward to playing a role in its continued growth and evolution.”