Redwood city, California-based Enterprise search & data visualization company, Thoughtspot has secured USD 30 million in series B round. The investors Khosla Vetures and Lightspeed Ventures Partners have participated in the round.
The company is planning to provide a ‘Google like experience’ to the business intelligence market and use the new funds for accelerating its sales and marketing strategy. It is also planning to extend its business operations in New York and Washington and is expected to open a UK office by the end of year.
Recently, it had raised USD 10.7 million in series A round by Frank Slootman, Sudheesh Nair, Steve Sommer, Lane Bess and othes. Till date, The firm has received a total capital of USD 40.7 million.
Thoughtspot was established in June 2012, as a venture of Co-Founders Priyendra Deshwal, Abhishek Rai, Sanjay Agrawal, Vijay Ganesan, Shashank Gupta, Amit Prakash and Ajeet Singh. It provides a search-based user experience for business data access and analysis.
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GigaOm says: Thoughtspot offers a hardware appliance that comes loaded with a software that can connect to a company’s existing data infrastructure — as well as services like Hadoop — from which it can provide users with search capabilities that will supposedly save the time it takes for employees to gather the data they want, said Thoughtspot co-founder and CEO Ajeet Singh.
Once the Thoughtspot appliance is connected to an organization’s data framework, the data deemed important by a company can be stored in Thoughtspot’s in-memory database, where it is then indexed so that the search engine can access it. When a user types in an inquiry into the search engine, the company’s business intelligence (BI) server translates it into SQL code that feeds it back to the search engine where the correct information can be retrieved for the user.
Thoughtspot’s product is not being sold to the general public as of yet, but the company plans on making it available before the end of the year as it attempts to court medium and large enterprises.
Forbes says: ThoughtSpot is a company that aims to reinvent Business Intelligence (BI) in the enterprise. Existing BI solutions are big, monolithic tools that tend to deliver very fine detail, but require a lot of work and tend to be slow to implement and run.
VC news says: ‘The business intelligence industry has always assumed that people know what they want to ask of their data but that is not how we use Google, Amazon or Facebook in our personal lives,’ said Vinod Khosla, partner, Khosla Ventures. ‘What ThoughtSpot has built is a radically new way to get insights from data — one that is intuitive and search-based. We are thrilled to lead their Series B round and support their growth.’
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