Thoughtspot raises $30 million in Series B Funding

Date:   Wednesday , August 06, 2014

Redwood City based Thoughtspot, a search based business intelligence provider has recently raised $30 million in Series B funding. The recent funding led by Khosla Ventures adds to the total funding tally summing to $40.7 million with the remaining funds directing from Lightspeed Venture Partners. Keith Rabois, who is a partner at Khosla Ventures will join the Thoughtspot board of directors team as pronounced in the deal.

The recent funding focuses to build out their customer support, marketing and sales before releasing their first official product later this year.

Thoughtspot\'s product Thoughtspot Data Search Appliance uses a consumer like search front end to help find data. The product lets you search a structured database and find the answers to particular problems, then create custom dashboards on the fly. Ajeet Singh, Co-founder & CEO initiated the search appliance while searching for the most funded areas in 2014 and turned up with mobile apps gaining as the most funded areas. He isolated the data point in a graph and pinned it to a custom dashboard on Silicon Valley investment. The whole focus of the product is on the user experience, he says, trying to make it as easy as possible to identify and display structured data.

Although Singh is unimpressed with the current state of the market, he has drawn an analogy as to how publishing has changed since it moved online. \"Business intelligence is still using the [print] magazine or newspaper model. IT guys have to curate content and build applications for hundreds of business users.\" Thoughtspot has plans to open offices in New York and Washington and hope to open a UK office by the end of the year.