- The artificial intelligence startup ThoughtSpot has raised $145 million in a Series D led by LightSpeed Venture Partners.
- The funding round values the company at over $1 billion, and puts it on the road for a possible IPO, according to a person familiar with ThoughtSpot's business.
- It's a huge round for any startup, but ThoughtSpot is growing fast. The company reported 180% revenue growth in its most recent quarter.
The Palo Alto-based artificial intelligence startup ThoughtSpot has raised a $145 million Series D, just months after the company announced a previous funding round to the tune of $120 million.
This most recent round valued ThoughtSpot at $1 billion, putting it in a good position for a planned IPO, according to a person familiar with the company's business.
ThoughtSpot is a data analytics company, which means it uses artificial intelligence to sift through tremendous amounts of data and detect patterns. It bills itself as an easy way to make any employee seem like an expert researcher. The company was co-founded in 2014 by Ajeet Singh, co-founder of Nutanix, which is now a $9 billion company on the public markets.
The ThoughtSpot platform is used by companies like De Beers, Bed Bath & Beyond, Capital One and Chevron — many of whom have six-figure contracts with ThoughtSpot. And its business is growing fast: the startup reported 180% revenue growth in its most recent quarter, though as a private company, it doesn't have to disclose specifics.
"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," said Ravi Mhatre, an investor at Lightspeed Venture Partners, in a statement on its investment in ThoughtSpot.
ThoughtSpot's series D was led by LightSpeed Venture Partners along with other existing investors at Future Fund, Khosla Ventures and General Catalyst. Sapphire Ventures, a new investor, participated in the round as well.
In August 2017, ThoughtSpot raised $60 million in an extension of its Series C funding round from the year before. Altogether, ThoughtSpot's Series C round brought in over $120 million.
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