ThoughtSpot was started in 2012 by Ajeet Singh (CEO) and Amit Prakash (CTO). The CEO and co-founder, Ajeet Singh, previously co-founded the company Nutanix.[9] The CTO and co-founders, Amit Prakash, came from Google where he was responsible for one of the machine learning systems for Ads. In late 2012, ThoughtSpot raised $10.7 million in Series A funding led by Lightspeed Venture Partners.[10] In 2014, the company raised $30 million in Series B funding led by Khosla Ventures.[2]
In January 2016, the company opened an office in London.[7] In February 2016, ThoughtSpot announced that it had increased its revenue by 810 percent over the previous year.[1] In May 2016, ThoughtSpot raised $50 million in Series C funding led by General Catalyst Partners.[11][12] In October 2016, the company expanded its series C funding with an investment from Hewlett Packard Pathfinder. As part of the investment, ThoughtSpot entered the Pathfinder program and begin selling its software on Hewlett Packard Enterprise infrastructure.[13][14]
In May 2018, the company raised $145 million in Series D funding from Sapphire Ventures, Lightspeed Ventures, Khosla Ventures, General Catalyst and others to expand its AI based analytics platform.[15] At the time, the company was valued at over $1 billion.[16] In August, ThoughtSpot appointed former Nutanix President Sudheesh Nair as its new CEO.[17]
In March 2019, ThoughtSpot relocated their headquarters from Palo Alto to Sunnyvale.[18] In August 2019, the company raised $248 million in Series E funding from Silver Lake, Sapphire Ventures, and Geodesic Capital.[19]
By 2020, the company had $100 million in annual recurring revenue.[20] In January 2020, the company hired several new executives for a potential initial public offering later that year.[21] In November, the company announced a $100 million series F funding round that valued it at $4.2 billion.[22]
On March 5, 2021, ThoughtSpot partnered with Indian information technology company Tech Mahindra.[23] Also in March, the company announced it had raised another $20 million in venture capital investments from partner Snowflake Inc.'s venture capital arm Snowflake Ventures.[24] Also in March, ThoughtSpot made its first acquisition by acquiring SQL-based analytics software startup SeekWell for $20 million.[25] In May, ThoughtSpot acquired data integration company Diyotta.[26]
On June 26, 2023, ThoughtSpot acquired business intelligence startup Mode Analytics for $200 million in cash and stock.[27]
On September 27, 2024, ThoughtSpot appointed Ketan Karkhanis, former Executive Vice President and General Manager of Sales Cloud at Salesforce, as its new CEO.
Technology
ThoughtSpot allows for non-technical individuals to conduct a self-service data analysis search.[28] The company introduced ThoughtSpot Monitor, a tool that monitors information for changing patterns or trends, in 2019 as part of its ThoughtSpot 6 software.[29] ThoughtSpot's software comes with connectors called SpotApps that are each designed to integrate with different cloud services.[30]
