ThoughtSpot raises $248 million in funding

Palo Alto-based technology company, ThoughtSpot, has announced that it has raised $248 million in its latest round of funding. The funding has helped the company propel itself to a valuation of $1.95 billion.

The company that produces business-intelligence analytics search software has raised $554 million in funding to date. Its latest funding round was oversubscribed. Silver Lake Waterman joined the existing investors Lightspeed Venture Partners, Sapphire Venture, and Geodesic Capital in this round of funding.

The fresh funding will help ThoughtSpot invest in its go-to-market teams in North America, EMEA, and APAC. It will further help the company expand its research and development and invest in its customer and thought leadership events.

The company has seen its sales grow by 195% in recent times and more than half of the Fortune 10 companies have come onboard as ThoughtSpot’s customers in the past year. ThoughtSpot has been named as a leader in the Gartner Magic Quadrant for Analytics & BI Platforms.

Commenting on the funding Haggar Clothing Co. VP of Planning, Pravin Rangachari said: “ThoughtSpot gives us granular levels of insight into our merchandising data to help manage online and store inventory at a speed and scale to match the demand of the modern day retail shopper. I’m excited to see how their Search & AI capabilities will accelerate with the new funding to bring even more value to enterprises like ours.”