ThoughtSpot

ThoughtSpot is a business intelligence platform designed to help users explore, analyze, and share real-time business analytics data and allows businesses to create, consume, and operationalize data-driven insights through its consumer-grade search and AI technology. The platform offers self-service analytics designed to be accessible to a broad user base, including ThoughtSpot Everywhere, a developer-friendly, cloud-integrated environment for data app building.

The company says its technology enables users to create new insights on-demand, analyze large volumes of data for anomalies and trends, and generate actionable insights from cloud data. Key features include integration with cloud data platforms for live querying, scaling according to business demand, and industry-leading cloud security and governance controls.

ThoughtSpot acquired business intelligence startup Mode Analytics for USD 200 million in June 2023. Through the acquisition, Mode became a fully owned subsidiary of ThoughtSpot, combining the two companies’ capabilities in GenAI app development with an expected annual recurring revenue (ARR) of USD 150 million and doubling ThoughtSpot’s customer base. 

Key customers and partnerships

ThoughtSpot serves various industry leaders who build their businesses on data across multiple sectors and industries. As of November 2023, notable customers included Chick-fil-A, T-Mobile Netherlands, Factory14, Snowflake, HP, and Accern.

In terms of partnerships, ThoughtSpot collaborated in March 2023 with Google Cloud to bring its solution to Google Cloud Marketplace and Looker to integrate its platform with Looker’s semantic modeling tool. Another partnership was announced with dbt Labs in December 2022, which was aimed at launching self-service analytics for analytics engineers. As of November 2023, other partners included Accenture, Amazon Web Services, Microsoft Azure, and Snowflake.

Funding and financials

ThoughtSpot’s raised funding in a Series F round in November 2021 led by March Capital, in which it raised USD 100 million at a valuation of USD 4.2 billion, more than doubling the company's previous valuation. The fresh funds were funneled into growing ThoughtSpot’s business.

Financially, the company disclosed 100% growth in ARR in September 2023 and 108% YoY revenue growth in FY2020.