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BIG DATA
BIG DATA
ThoughtSpot raises $60M more to expand its business intelligence product
ThoughtSpot Inc. Thursday said it has raised an additional $60 million in new funding to push ahead with its goal of disrupting the business intelligence market.
The funding comes from Lightspeed Venture Partners and Capital One Growth Ventures. The round is an extension of an initial Series C round of $50 million raised in May 2016. The company also added $10 million from Hewlett Packard Pathfinder in October to bring the round total to $120 million.
Founded in 2012, ThoughtSpot aims to disrupt the BI industry with a search-driven analytics platform that uses relational search technology to allow enterprises to analyze company data. The company claims its platform processes BI and analytics data in seconds, allowing BI and analytics teams to cut reporting backlogs by up to 90 percent.
Along with the funding, ThoughtSpot has launched a new BI product called SpotIQ, which is billed as delivering AI-driven analytics for humans. The company said it can leverage the power of ThoughtSpot’s in-memory calculation engine to run thousands of queries on billions of rows of data and execute dozens of insight-detection algorithms. “The most actionable insights for your business are uncovered in seconds,” the company claims on the product page.
“It’s taking the work of 1,000 analysts, who would have to work for days or weeks to respond to a specific query, and automatically figuring out the answers in seconds,” ThoughtSpot co-founder and Chief Executive Officer Ajeet Singh told The Wall Street Journal. “In the business intelligence world, there is a lot of pulling for relevant data… we want to take SpotIQ so that it’s mainly pushing you what you need to know.”
SpotIQ won’t be available until September, but existing ThoughtSpot customers will have access to the new product at no additional cost. Known customers include Amway Corp., Bed Bath & Beyond Inc., Chevron Corp., Capital One Financial Corp., The De Beers Group and Nutanix Inc.
Including the new round, ThoughtSpot has raised around $160 million to date. The company said it would use the new funding for ongoing research and development, hiring and international expansion.
Image: ThoughtSpot
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