Thoughtspot Lifts $60 Million for Artificial Intelligence Technology

ThoughtSpot, the Silicon Valley tech firm, has concluded a funding round worth $120 Million to power the new artificial intelligence attempt of the start-up.

ThoughtSpot, located in Palo Alto, California, claimed last week that it had lifted $60 Million from sponsors in a round of financing headed by Lightspeed Venture Partners, the venture capital firm. The round of investment, which was concluded in early January but was kept a secret, was one more addition of a financing round worth $60 Million. ThoughtSpot concluded this a year ago and increases 2 x the total amount raised.

Thoughtspot Lifts $60 Million for Artificial Intelligence TechnologyThoughtspot Lifts $60 Million for Artificial Intelligence Technology

Lightspeed was the first venture company to support Snap, the messaging company. ThoughtSpot generates data analytics software for companies with a search tool similar to Google that permits users to search for information. Consumers type a query into a search bar and ThoughtSpot makes graphs, charts, and maps picturing data such as customer demographics and sales numbers. The company was co-established by Ajeet Singh in 2012. Ajeet Singh began ThoughtSpot after assisting to establish a cloud computing company, Nutanix, which held an initial public proposal in 2016 that lifted over $200 Million.

The funding of ThoughtSpot coincides with the company’s roll out of SpotIQ, a fresh artificial intelligence product. With this tech, a computer asks millions of questions on its own, making guesses about what the consumer needs to know on the basis of the certain search terms and profile of the user. The search makes number of information sets within seconds.

Singh, who is chief executive officer of ThoughtSpot, told the media that the artificial intelligence allows companies to get solution to queries they may not even know to ask. He further added that the software is the similar of employing a thousand analysts, asking them queries and then coming back after a week for them to arrive back with reports. This is almost 40,000 man hours of job.

The users of company comprise financial firms including Capital One and vendors such as Bed Bath & Beyond. The latest financing brings its entire funding to over $160 Million, as per the sources having knowledge of this matter.