Search, AI Analytics Platform ThoughtSpot Rakes in More Cash

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ThoughtSpot, a Sunnyvale, California based search and artificial intelligence based analytics platform for businesses, announced it has completed another successful fundraising round.

The company raised $248 million in an overscrubbed funding round. It lifts the startup’s total funding haul to $554 million total, and raises its valuation to $1.95 billion. Investors in this round include Silver Lake Waterman, a new investor, along with incumbent backers Lightspeed Venture Partners, Sapphire Ventures, and Geodesic Capital.

ThoughSpot’s platform allows users to type a Google-like search product to instantly analyze billions of rows of data, and use AI to get accurate insights as answers to thousands of questions the user may not have considered. The service is already used by Walmart, DeBeers, Hulu, Cheveron, Open Table other major companies.

“The world is changing fast, and businesses that change faster will thrive,” said ThoughtSpot CEO Sudheesh Nair, in a statement. “As technology partners to our customers, we have only one job: provide the agility that’s like oxygen to these organizations so that they can compete and win.”

The new funding means ThoughtSpot is cleared for growth. It will continue to invest in go-to-market teams in North America and elsewhere. It plans research & development and hiring expansions, and it plans to invest in customer and thought leadership events it holds, like it’s Beyond 2019 annual customer conference.