(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.
About AI VentureTech
AI VentureTech is a technology accelerator that provides consulting and financial advisory services to start-ups in the areas of business analytics, data mining, machine learning, artificial intelligence, visualization tools, predictive modeling, and cloud advanced analysis. AI VentureTech is a growing network of funds, family offices, and financial institutions dedicated to supporting projects within this emerging technology sector. www.aiventuretech.com
Forward-Looking Statements This document contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Phone: (347) 483-0121