Seven years ago, a Googler and a software platform founder started a company called ThoughtSpot, aiming to disrupt the way companies use data. Since then, it’s grown to about 500 people, increasing by 60% since last year.
ThoughtSpot provides a software platform that helps users visualize business analytics data easily and speedily, like a search engine for more than 250 clients like Hulu, Walmart.
Last week, ThoughtSpot, based in Sunnyvale, California, raised $248 million, with funding led by Silver Lake Waterman and Lightspeed Venture Partners. It was the biggest fundraising so far this year in data visualization, according to Pitchbook.
“No one makes decisions without looking at data. What kind of content works for people? When do they turn to that provider?” Sudheesh Nair, CEO of ThoughtSpot told Karma. “Because it is online, all of the data is there. By collecting that data and providing the analysis, ThoughtSpot helps clients like Hulu make business decisions.”
ThoughSpot plans to use the fundraising in building their data analytics team based in the Bangalore office and the sales and marketing team.
“Seventy percent of our numbers and people are built here (in the U.S.), but we really want to invest internationally,” Nair said. “We started this journey six months ago so we want to double down on that.”
Investor interest in the field appears to be ticking up. So far this year, U.S. companies have received $1.26 billion in venture funding, up from $936.8 million for the same period last year, according to Pitchbook.
Nair believes that by making analysis and insight more readily available, the ThoughtSpot team is working towards making the world more fact-driven.
“We want to democratize access to insight so that every decision business users are relying on are fast, and based on data,” Nair said.
Planning to release its mobile app by the end of this quarter, ThoughtSpot plans to drive business solutions based on the financial, healthcare, telecom, and manufacturing sectors.
Recognizing companies like Tableau, the Seattle-based data visualization company, as an established competitor, Nair says that ThoughtSpot is different in its ability to understand the intent of the user when asking for insight.
“The software is able to recognize if you are a customer asking about the number of sales of a particular product versus a CFO asking the same question,” Nair said. “It then provides the graph, data, and visualization all within a few seconds. That is important and all happening by Thoughtspot’s software platform.
“They have to stay ahead in augmented intelligence – that’s the challenge,” Doug Henschen, principal analyst at Constellation Research, told TechTarget Network. “Everybody has responded, adding natural language queries. The next rung up is to be more conversational.”
Karma’s Scarlett Kuang contributed to this story.