Following the company’s significant cloud growth, $100M in new funding will accelerate innovation, open opportunities for M&A, and help bring the Modern Analytics Cloud to companies around the globe
ThoughtSpot, the Modern Analytics Cloud company, today announced that it raised a $100M Series F funding round at a new $4.2B valuation, more than doubling the company’s previous valuation and bringing the company’s total funding to $674M. The round was led by new investor March Capital and joined by existing investors Lightspeed Ventures, Snowflake Ventures, Khosla Ventures, Fidelity, Capital One Ventures, General Catalyst, Sapphire Ventures, and GIC.
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As ThoughtSpot eyes new growth vectors and focuses on capabilities for developers and data professionals, the company also announced today the launch of the new ThoughtSpot Data Workspace, a set of tools that brings Live Analytics to customers around the globe. Both announcements precede ThoughtSpot’s annual customer conference, Beyond, on November 16th.
Reaping the rewards of the cloud
The new round comes two years after the company’s Series E, where the company raised $248M at a $1.95B valuation. Since then, ThoughtSpot has grown efficiently, with more than $200M in the bank prior to this funding round. In 2020, the company made a strategic decision to transform into a cloud-first company. In the fall of last year, ThoughtSpot launched its first SaaS offering with the introduction of the Modern Analytics Cloud, the most simple, open, and programmable consumption layer for the modern data stack. Since then, the analytics ecosystem has undergone a massive shift as companies not only move their data to the cloud, but re-platform their entire data stack. This modern data stack is creating trillions of dollars in value for companies, and building multiple billion-dollar businesses in the process.
With these new cloud capabilities, ThoughtSpot has emerged as the preferred consumption layer for this entire new data stack. The company has announced integrations and partnerships with leading players like Snowflake, Databricks, Amazon Web Services, Microsoft Azure, GoogleBigQuery, DataRobot, dbt Labs, Dremio, Starburst, and more, making ThoughtSpot ubiquitous across the modern data stack. ThoughtSpot’s live analytics offerings give customers an intuitive, interactive means to empower their entire organization to capitalize on innovations happening across the cloud ecosystem.
“Before ThoughtSpot, we didn’t have a simple way to leverage our cloud data,” said Vivek Malhotra, Sr. Manager, Customer Development Analytics, Unilever. “Now our finance team can quickly get actionable insights with the scale and speed we need.”
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As a result, ThoughtSpot has seen massive adoption from organizations around the globe, driving substantial new growth for the company. This includes:
- In the last year, ARR from cloud products grew by over 250%.
- Cloud products now make up over half of ThoughtSpot’s annual recurring revenue.
- In the last year, 85% of new customers purchased cloud products. A quarter of those purchases were six-figure investments.
The industry, too, has taken notice of the innovation and value ThoughtSpot provides to customers. This recognition includes the following accolades:
- A Forbes Cloud 100 honoree for the fourth consecutive year
- One of the Best Workplaces for Innovators from Fast Company
- Gartner’s Peer Insight Customers’ Choice for Analytics and Business Intelligence Platforms
- 2021 Best Usability Award in Business Intelligence from TrustRadius
- Best SaaS Product for Business Intelligence and Analytics by the 2021 SaaS Awards
Accelerating the next wave of growth
The new funding will be used to accelerate two new growth vectors for ThoughtSpot with analysts, data engineers, and developers, the roles upon which the entire modern data stack rests. Today’s data professionals require tools to better model data, rapidly launch new projects, and ultimately enable self-service for frontline business users.
With the launch of ThoughtSpot Everywhere, ThoughtSpot’s developer platform, in May of last year, companies have been able to embed analytics into their own apps that take advantage of various ThoughtSpot cloud services through simple and flexible APIs. Since its launch, ThoughtSpot Everywhere has consistently seen more than 100% quarter-over-quarter growth as organizations look to bring analytics to all business applications. The new funding will be used to drive go-to-market like sales and marketing and partnerships with SaaS providers and cloud platform companies.
Secondly, companies continue to look for new use cases and new ways to accelerate time to value for analytics initiatives. This has given rise to a new role for many organizations, the analytics engineer. These individuals are tasked with architecting systems that provide for analytics quickly, at scale, and to users of all backgrounds and technical proficiencies. With today’s launch of the ThoughtSpot Data Workspace and SpotApps, ThoughtSpot has already brought new capabilities to these professionals. The funding will also be used to enhance go-to-market for these new offerings.
Thoughts from the Top
“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’s exactly what ThoughtSpot has done over the last year as we accelerated our growth as a cloud company,” said Sudheesh Nair, CEO, ThoughtSpot. “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.”
“From the start, ThoughtSpot has been focused on a singular mission: to create a more fact-driven world. The growth of our cloud offerings has surpassed our own expectations, accelerating our progress toward that mission,” said Ajeet Singh, Co-founder & Executive Chairman, ThoughtSpot. “We are pleased to see both cloud-native companies such as Cloud Academy and Frontify and large enterprises like T-Mobile make their data teams more productive and their businesses more data-driven with the Modern Analytics Cloud.”
“We are thrilled to be backing the world-class ThoughtSpot team as they continue to dominate the rapidly growing cloud analytics market,” said James Montgomery, Co-Founder and Managing Partner of March Capital. “ThoughtSpot’s innovative, cloud-native platform makes it easier than ever for any company, from high growth startups to global enterprises, to derive valuable insights and make smarter decisions from the large amounts of data they gather. We look forward to leveraging March’s extensive operational and industry expertise to help ThoughtSpot build the multibillion leader in this important category.”
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