Redwood City, Calif.-based ThoughtSpot has raised $30 million in what it calls an oversubscribed Series B round. Khosla Ventures led the funding, which also includes Aaron Levie, co-founder and CEO of Box. As part of the financing, Keith Rabois, partner at Khosla, has joined the board. ThoughtSpot, which provides search and data analysis, previously raised $10.7 million in a funding round in February led by Lightspeed Venture Partners and including individual investors, such as Frank Slootman (president and CEO of ServiceNow), Lane Bess (COO of ZScaler), Steve Sommer (CMO of Splunk), and Sudheesh Nair (an executive at Nutanix).
ThoughtSpot raises $30 million in an oversubscribed Series B round
Tier-1 VCs help ThoughtSpot bring its revolutionary data search solution to the market
Redwood City, California – June 18, 2014 – ThoughtSpot, the first provider of search-based business intelligence, today announced it has raised $30 million in an oversubscribed Series B round led by Khosla Ventures. As part of the funding, Keith Rabois, partner, Khosla Ventures, will join the board of directors. Aaron Levie, co-founder and CEO of Box also participated in the round. With this round of funding, ThoughtSpot will continue to build one of the most talented teams in Silicon Valley and bring a Google-like experience to the $14B business intelligence market.
“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.”
Keith Rabois to join ThoughtSpot Board of Directors
Keith Rabois, partner at Khosla Ventures will join the ThoughtSpot board of directors. Keith was the Chief Operating Officer at Square and will bring his years of leadership experience from Square, PayPal and LinkedIn to the board. “ThoughtSpot has the rare mix of a world-class team, revolutionary technology and extraordinary customer demand,” said Rabois. “As an executive, I’ve tested a broad array of data analysis products, but only ThoughtSpot is sufficiently intuitive that every employee can use it instantly without compromising at scale. With ThoughtSpot, all of your data can be understood by your employees, which will change the way businesses are managed.”
Existing investor Lightspeed Venture Partners participated in the round as well. “The level of interest we saw from multiple tier-1 venture capital firms to participate in this round is quite rare,” said Ravi Mhatre, partner, Lightspeed Venture Partners. “In addition to validating our thesis that this was an industry-defining idea and team, it serves as a great endorsement for the quality of execution by the team so far. We welcome Keith and Khosla Ventures and look forward to helping build a great company together.”
Several customers have had a chance to test drive ThoughtSpot Data Search Appliance so far. “What the ThoughtSpot team has built is one of the most revolutionary business intelligence products in the market. It is incredibly technically complex and is several startups rolled into one,” said Arif Janmohamed, partner, Lightspeed Venture Partners. “We are really excited to see the company poised to hire more exceptional talent and grow with this round of funding.”
Join the revolution, or refer someone and make $20,000!
With the new infusion of funding, ThoughtSpot expects to grow its team significantly. To bolster its growth plans ThoughtSpot is offering a $20,000 referral bonus to anyone connected to its employees on LinkedIn that refers a candidate who gets hired. “We are honored to receive the support of Khosla Ventures and have Keith join our board,” said Ajeet Singh, co-founder and CEO, ThoughtSpot. “ThoughtSpot is a special place – a very collaborative and excellence driven environment, where people have the ability to express their creativity to the fullest extent. Whether it is engineering, sales, support or services, if you want to be challenged like never before and do the best work yet in your career, we will provide you a platform to make that happen.”
The ThoughtSpot technology stack spans several areas of specialization. “We are looking for the best engineers out there that are excited about building high-performance distributed systems, massively-parallel in-memory databases and surprisingly-simple but powerful user interfaces,” said Amit Prakash, co-founder and CTO, ThoughtSpot. “This is a unique opportunity to bring a whole new stack to the data analysis space and take the businesses forward by 20 or 30 years.”
More information on career opportunities can be found at http://www.thoughtspot.com/careers.
ThoughtSpot aims to address the broken business intelligence model in the enterprise. ThoughtSpot Data Search Appliance is a plug-and-play solution that provides a search-based user experience for business data access and analysis. The ThoughtSpot founding team has experience of building the fastest-growing enterprise tech company of the last decade, Nutanix, and also market-defining search and analytics technologies at companies such as Google, Amazon, Oracle, and Microsoft. Based in Redwood City, CA. ThoughtSpot is backed by Lightspeed Venture Partners, Khosla Ventures and top-tier angel investors. For more information visit http://www.thoughtspot.com. Follow us on Twitter at @thoughtspot.