ThoughtSpot has announced a $100 million Series F funding round, more than doubling the company’s previous valuation and now being valued at $4.2 billion. The company’s total funding is $674 million.
The new funding will be used to accelerate two new growth vectors for ThoughtSpot with analysts, data engineers, and developers to enable customers to better model data, and launch new projects faster.
Sudheesh Nair, CEO, ThoughtSpot, said: “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.”
“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.”
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 the fall of 2020, ThoughtSpot launched its first SaaS offering with the introduction of the Modern Analytics Cloud, an open, programmable layer for the modern data stack.
The company says that the analytics ecosystem has undergone “a massive shift” as companies moved their data and data stacks to the cloud.
Ajeet Singh, Co-founder & Executive Chairman, ThoughtSpot, said:
“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.”
“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.”
