Data and an analytics platform ThoughtSpot has collected $248m in a funding round which has valued the enterprise at $1.95bn.
The round, which was oversubscribed, received support from new backer Silver Lake Waterman and previous backers Lightspeed Venture Partners, Sapphire Ventures, and Geodesic Capital.
Following the round close, ThoughtSpot looks to grow its go-to-market teams in North America, EMEA, and APAC, hire more engineering and product staff, expand its R&D efforts, and invest in customer and thought leadership events.
ThoughtSpot was created to help enterprises achieve the full potential of cloud, IoT, and big data by transforming information into insights. A user simply types a Google-like search and instantly analyses billions of rows of data with the support of AI to generate relevant insights.
Financial services use the platform to support analyses of loan rates, social media posts, connected devices. Mortgage brokers can increase revenue and upsell opportunities with access to status of customer loans, product type and overall portfolio mix on a daily basis.
Bank managers can monitor transactions, deposits and loan data for each client, and traders can analyse dozens of sources on securities data.
The company has witnessed strong growth over the past year. ThoughtSpot closed its Series D on $145m in 2018 and since then it has opened offices in Singapore, Tokyo, Dusseldorf, and invested $25m into its Indian office.
It has also increased its team size by 65 per cent to nearly 500 employees and grown its sales by 195 per cent.
ThoughtSpot executive chairman and co-founder Ajeet Singh said, “Seven years ago, we started ThoughtSpot to help create a more fact-driven world, whether in the boardroom or on the front lines of enterprises, by making data and insights available instantly to everyone, regardless of their technical skills.”
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