ThoughtSpot raises $60 million for Artificial Intelligence Technology

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(NEW YORK)–ThoughtSpot announced it had completed a $120 million funding round for its new artificial intelligence start-up.

ThoughtSpot, based in Palo Alto, California, announced it had raised $60 million from investors in a financing round led by venture capital firm Lightspeed Venture Partners. The investment round was an extension of a $60 million financing round ThoughtSpot completed a year ago and doubles the total amount raised.

ThoughtSpot makes data analytics software for businesses with a Google-like search tool that allows users to search for data. Users type a question into a search bar and ThoughtSpot produces charts, graphs and maps visualizing data such as sales numbers and customer demographics.

The company was founded in 2012 by Ajeet Singh, who started ThoughtSpot after helping to found Nutanix, a cloud computing company that held an IPO last year.

ThoughtSpot’s funding coincides with the company’s debut of a new artificial intelligence product, SpotIQ. With this technology, a computer asks thousands of questions on its own, making assumptions about what the user wants to know based on the user’s profile and certain search terms. The search produces dozens of analyzed data sets in seconds.

The company’s customers include retailers such as Bed Bath & Beyond and financial firms, including Capital One. The recent financing brings its total funding to more than $160 million.

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