AI-powered analytics business ThoughtSpot has closed a $145m Series D funding round.
The over-subscribed funding round received contributions from existing backers Lightspeed Ventures, Future Fund, Khosla Ventures, and General Catalyst. New participants included Sapphire Ventures, as well as other unnamed ‘global investors.’
Financial services can use the technology to analyse rows of data for from stock prices to loan rates, to help retail banks, insurance firms, trading platforms and wealth management companies.
Mortgage brokers can gain instant access to customer loan status’ and product types. Bank managers can monitor transactions, deposits and loan data, while traders can access securities data to make accurate price estimates.
Its services are used across financial services, retail, manufacturing, communications and healthcare businesses. Current clients include Capital One, Sterling National Bank, Amway, OpenTable and ServiceNow, among others.
This equity injection will be used to accelerate ThoughtSpot’s business growth, which includes expansion in EMEA and APACA, and boosting its R&D centres in Palo Alto, Seattle, Dallas and Bangalore.
Lightspeed Venture Partners partner Ravi Mhatre said, “The analytics market has evolved to the point where it has become a business imperative for employees at all levels, across all departments in an organization to have access to trusted insights to make data-driven decisions.
“As the next-generation analytics platform for global enterprises, ThoughtSpot is already meeting this critical need for the world’s largest companies, as these organizations seek to compete in today’s digital economy.”
Last year, the company opened new offices in Japan to support its growth in APAC, and offices in the Nordics, Baltics and Dach regions to aid its efforts in the EMEA market.
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