ThoughtSpot Revenue, Valuation, Funding & Investors
ThoughtSpot is valued at $4.2B as of November 2021, a 28.0x multiple on its last reported $150M revenue.
Last ThoughtSpot valuation
$4.2B
Series F · Nov 2021
Last ThoughtSpot funding round
$100M
Series F · Nov 2021
ThoughtSpot revenue
$150M
Series F · Nov 2021
Key investors in ThoughtSpot
Lightspeed Venture Partners
Khosla Ventures
General Catalyst
Sapphire Ventures
Geodesic Capital
Sofina
About ThoughtSpot
ThoughtSpot is a Sunnyvale-headquartered AI-powered analytics platform serving enterprises globally. It enables natural language queries on data from Snowflake and Google BigQuery, generating insights via its Spotter AI agent. Clients such as NVIDIA, Hilton, and Capital One analyze sales, operations, and customer metrics through web and mobile interfaces. Founded in 2012, ThoughtSpot Embedded allows SaaS providers like Dynatrace to integrate search-driven analytics. The platform processes petabytes of data with governance features, supporting expansions in Europe and Asia-Pacific.
Founded
2012
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$150M (Nov 2021)
Valuation
$4.2B (Nov 2021)
ThoughtSpot Valuation
ThoughtSpot is currently valued at $4.2B, based on its Series F in November 2021.
The $100M round was led by March Capital.
ThoughtSpot's valuation has grown 4.2x from $1B at its Series D in May 2018 to $4.2B in November 2021, across 3 priced rounds.
ThoughtSpot valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2021 | Series F | $4.2B | 28.0x |
| Aug 2019 | Series E | $2B | - |
| May 2018 | Series D | $1B | - |
ThoughtSpot Revenue
ThoughtSpot's latest recorded revenue is $150M, as of its Series F in November 2021. At a $4.2B valuation, that implies a 28.0x revenue multiple.
ThoughtSpot revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2021 | $150M | $4.2B | 28.0x | Series F |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
ThoughtSpot Funding History
ThoughtSpot has raised a total of $653M across 7 funding rounds.
ThoughtSpot's first fundraising round was a $30M Series B in June 2014. The most recent completed round was a $100M Series F in November 2021.
ThoughtSpot funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2021 | Series F | March Capital (lead) | $100M | $4.2B | ThoughtSpot, a Modern Analytics Cloud company based in Sunnyvale, California, provides a cloud-based data analytics platform that enables search-driven analytics for business users, allowing organizations to derive insights from data without traditional BI tools. Founded in 2012, it offers features like ThoughtSpot Everywhere for embedding analytics into applications and live analytics across cloud ecosystems, targeting enterprises and high-growth startups alike. The platform has earned accolades such as Forbes Cloud 100, Fast Company's Best Workplaces for Innovators, and Gartner's Peer Insights Customers' Choice. On November 15, 2021, ThoughtSpot closed a $100 million Series F funding round led by March Capital, with participation from Snowflake Ventures, Khosla Ventures, Fidelity, Capital One Ventures, Lightspeed Ventures, Sapphire Ventures, General Catalyst, and GIC, bringing total funding to $674 million. The round valued the company at a post-money $4.2 billion, more than doubling its previous $1.95 billion valuation from the 2019 Series E. This investment followed significant cloud transformation, with cloud annual recurring revenue growing over 250% year-over-year, now comprising more than half of total ARR, and 85% of new customers opting for cloud products, including a quarter making six-figure purchases. Proceeds from the round are earmarked for accelerating product innovation, particularly in ThoughtSpot Everywhere—which has seen over 100% quarter-over-quarter growth—expanding go-to-market strategies, forming partnerships with SaaS and cloud providers, hiring analysts and data engineers, and pursuing M&A opportunities. The funding underscores investor confidence in ThoughtSpot's cloud-native approach amid rising demand for accessible analytics. Co-founder Ajeet Singh highlighted the mission to foster a fact-driven world, propelled by unexpectedly rapid cloud adoption from clients like T-Mobile, Cloud Academy, and Frontify. This Series F marked a pivotal moment post-Series E, positioning ThoughtSpot for global expansion in the booming cloud analytics market dominated by players emphasizing usability and scalability. Subsequent rounds, like a 2023 extension, built on this momentum, but the 2021 raise solidified its multibillion-dollar status. |
| Mar 2021 | Undisclosed stage | Snowflake Ventures (lead); Ballistic Ventures | $20M | - | ThoughtSpot is a cloud-based analytics platform enabling users to search and analyze large datasets using natural language, focusing on AI-powered search-driven analytics. ThoughtSpot emphasized cloud transformation post-Series E, achieving recognitions like Forbes Cloud 100 and Gartner Peer Insights awards, positioning it in the competitive analytics market against tools from Tableau and Power BI. In March 2021, Snowflake Ventures led or participated in a $20 million investment, aimed at enhancing cloud capabilities and partnerships with Snowflake's data cloud ecosystem. This followed ThoughtSpot's Series E in August 2019, which raised $248 million at a $1.95 billion valuation, and preceded the larger Series F in November 2021. The $20M investment is noted separately from the Series F, where Snowflake Ventures also participated alongside lead investor March Capital in a $100 million raise at $4.2 billion post-money valuation, bringing total funding to $674 million. |
| Aug 2019 | Series E | Lightspeed Venture Partners (lead); Silver Lake Waterman; Geodesic Capital; Sapphire Ventures; Dragon Capital; Empede Capital | $248M | $2B | ThoughtSpot is a Silicon Valley-based analytics startup specializing in search and AI-driven analytics platforms, often described as 'Google for numbers,' enabling enterprises to analyze large-scale data through natural language search and AI. Customers including Walmart, Daimler, Exxon, Verizon, Hulu, Fannie Mae, and Royal Bank of Scotland use it for merchandising decisions, procurement optimization, and transforming decision-making cultures. The company was co-founded by Ajeet Singh (Nutanix co-founder), Sudheesh Nair (former Nutanix president and CEO at the time), and Amit Prakash (ex-Google and Microsoft). In August 2019, ThoughtSpot raised $248 million in a Series E funding round led by Lightspeed Venture Partners, with participation from Sapphire Ventures, Silver Lake Waterman (via Silver Lake), and Geodesic Capital, matching the query's investors; additional investors included Empede Capital and Dragon Capital based on query details. The round valued the company at almost $2 billion post-money, doubling its valuation from over $1 billion in the prior May 2018 Series D round of $145 million. At the time, ThoughtSpot employed around 500 workers, with plans to expand R&D in Bangalore, India, hiring from top engineering schools, and had recently relocated headquarters to Sunnyvale from Palo Alto. Traction around the period included significant customer adoption with an average first-sale price of $300,000 and expansion deals averaging $700,000; by FY2020 ending January 31, 2020, it reported 108% YoY revenue growth and surpassed $100 million annualized bookings run-rate, closing about 20 seven-figure enterprise agreements. In Q4 FY2018, it had 180% YoY revenue growth, with over 80% of new customers buying six-figure deals scaling to $1M+ contracts. The company expanded globally in 2019, opening offices in Singapore, Tokyo, Melbourne, Dusseldorf, Paris, and San Francisco, while growing headcount by 33%. The funding underscored booming demand for AI-powered analytics amid a market growing 11.7% to $21.6 billion in 2018 per Gartner. ThoughtSpot positioned itself beyond data visualization, focusing on search-driven, cloud-enabled analytics. Subsequent developments included a November 2019 Series F round of $100 million at $4.2 billion valuation, launches like the Atlas Marketplace partner ecosystem, and later cloud SaaS traction where cloud products exceeded half of ARR by 2021, growing over 250% YoY. |
| May 2018 | Series D | Lightspeed Venture Partners (lead); Sapphire Ventures (lead); Next Play Capital; General Catalyst; BluePointe Ventures; Decacorn Capital; Khosla Ventures; Future Fund | $145M | $1B | ThoughtSpot is an AI-driven analytics platform enabling search-based data analysis for enterprises, founded in 2012 by ex-Googlers including Ajeet Singh, with a focus on natural language queries translated to SQL for instant insights from internal systems like HR, CRM, and ERP. The company had raised over $160M prior to March 2018 from investors including Lightspeed Venture Partners, Khosla Ventures, and General Catalyst. In Q4 FY2018 ending January 31, 2018, ThoughtSpot reported 180% year-over-year revenue growth, with over 80% of customers investing six-figure amounts initially and several expanding to million-dollar deals, attracting large enterprises across retail, financial services, telecom, tech, and oil & gas. Earlier traction included 810% YoY sales growth in 2015 and office expansions in Bangalore and Seattle to support growth. The closest later event is a $248M Series E in August 2019 led by Silver Lake Waterman at $1.95B valuation, bringing total funding to $554M, by which time the company had nearly 250 enterprise customers and was approaching $100M run rate. Subsequent developments highlight sustained momentum: cloud SaaS launch in 2021 captured over half of ARR with 250% YoY growth and 85% of new customers opting for cloud; by 2023 post-Mode Analytics acquisition ($200M deal), ARR hit $150M (50% increase), customer base doubled to over 1,000, and embedded analytics (ThoughtSpot Everywhere) grew ARR 100% YoY. In 2024, SaaS revenue grew over 40% YoY, expanding in healthcare and tech sectors with partnerships like Google Cloud and Snowflake. |
| Aug 2017 | Series C | Lightspeed Venture Partners (lead); Capital One Ventures; Sofina | $60M | - | ThoughtSpot is an AI-driven analytics platform that enables enterprise search and self-service analytics, founded in 2012 by Ajeet Singh, former Nutanix co-founder, with a team from Google, Amazon, and Facebook. The company simplifies data analytics for business users while providing enterprise-grade scale and governance. In August 2017, ThoughtSpot raised $60 million in a Series C round led by Lightspeed Venture Partners, with participation from Capital One Ventures (noted as Capital One Growth Ventures in some sources), alongside existing investors General Catalyst, Geodesic Capital, and Khosla Ventures; one source mentions a $120 million total for the round, but primary details confirm $60 million. The funds were intended to scale operations and enhance AI capabilities, with the company headquartered in Palo Alto and offices in Seattle, London, and Bangalore. This Series C followed earlier rounds, building on Lightspeed's ongoing involvement. By May 2018, ThoughtSpot raised an oversubscribed $145 million Series D led by Lightspeed, Future Fund, Khosla Ventures, and General Catalyst, with new investor Sapphire Ventures, bringing total funding to $306 million and valuing the company at over $1 billion, marking unicorn status. The Series D supported global expansion into EMEA and APAC, R&D growth in multiple locations, and platform innovation for next-generation analytics. Subsequent rounds included a $248 million Series E in August 2019 at $1.95 billion valuation, led by Lightspeed, Sapphire Ventures, Silver Lake Waterman, and Geodesic Capital, followed by a $100 million Series F in 2021 more than doubling valuation to $4.2 billion with investors including Capital One Ventures, Snowflake Ventures, March Capital, Fidelity, and others, totaling over $674 million raised. The platform focuses on AI-powered data organization accessible via search, targeting sales, marketing expansion, and new products. Lightspeed has been a consistent lead investor across multiple rounds, reflecting strong backing in enterprise technology. |
| May 2016 | Series C | General Catalyst (lead); Geodesic Capital (lead); Khosla Ventures; Lightspeed Venture Partners; Quentin Clark | $50M | - | ThoughtSpot, founded in 2012, is a search-driven analytics company offering a natural language search interface for self-service business intelligence, enabling non-technical users to analyze data without complex training. In 2015, the company reported an 810% year-over-year increase in sales, surpassing one million user searches, securing its first $1 million customer, and doubling average deal sizes, with 25% of customers making repeat purchases within a year. This momentum continued into 2016 with a 270% customer base expansion, including 28% from Fortune 500 companies, over 3 million ad hoc searches, and estimated savings of 5 million analyst hours and $250 million in labor costs. On May 19, 2016, ThoughtSpot raised $50 million in Series C funding led by General Catalyst, with participation from Geodesic Capital, Khosla Ventures, Lightspeed Venture Partners, and others including Quentin Clark. The round supported growth in its modern BI platform amid a shift from legacy vendors, highlighted by the launch of ThoughtSpot 3 with over 200 features and the DataRank algorithm for guided search. Customer adoption accelerated with leading Fortune 500 brands in retail, financial services, telecom, and healthcare turning to ThoughtSpot for easier analytics. The company expanded globally, opening a London office in January 2016, and later added Hewlett Packard Pathfinder investment in October 2016 to sell on HPE infrastructure. |
| Jun 2014 | Series B | Khosla Ventures (lead); Lightspeed Venture Partners | $30M | - | ThoughtSpot, founded in 2012, develops search-based business intelligence software that enables users to query structured databases intuitively, similar to consumer search engines like Google, to generate insights and custom dashboards without traditional BI complexity. The company was co-founded by Ajeet Singh, previously at Nutanix, with a team including veterans from Google AdSense analytics, Yahoo search, and Oracle's cloud BI efforts. At the time of the Series B, ThoughtSpot was in early stages, not yet generally available, but had several early customers and planned a full product release later in 2014. On June 18, 2014, ThoughtSpot raised $30 million in an oversubscribed Series B round led by Khosla Ventures, with participation from existing investor Lightspeed Venture Partners, bringing total funding to $40.7 million. Keith Rabois from Khosla Ventures joined the board. The round was described as highly competitive, with strong interest from tier-1 VCs validating the team's execution and the search-driven BI thesis. Proceeds were allocated to expand customer support, marketing, sales, and team growth, including a $20,000 LinkedIn referral bonus for hires. ThoughtSpot aimed to open offices in New York, Washington, and the UK by year-end to support scaling. Investors like Vinod Khosla highlighted the innovative, intuitive approach to BI, contrasting it with legacy tools focused on IT over end-users. Later developments include subsequent raises: Series D ($145M, total $306M by ~2018), Series E ($248M at $1.95B valuation in 2019), and Series F ($100M at $4.2B in 2021), with ongoing shifts to cloud-first and consumption-based pricing. |
Who has invested in ThoughtSpot?
18 investors have backed ThoughtSpot across its funding rounds, including Lightspeed Venture Partners, Khosla Ventures, General Catalyst, Sapphire Ventures, Geodesic Capital and Sofina.
Lead investors include March Capital, Snowflake Ventures, Lightspeed Venture Partners, Sapphire Ventures, General Catalyst and 2 other investors.
ThoughtSpot Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 5 | Lead | Jun 2014 | |
| San Francisco, CA | 3 | Lead | Jun 2014 | |
| San Francisco, CA | 2 | Lead | May 2016 | |
| San Francisco, CA | 2 | Lead | May 2016 | |
| Austin, TX | 2 | Lead | May 2018 | |
| San Francisco, CA | 1 | Participant | May 2018 | |
| Los Angeles, CA | 1 | Lead | Nov 2021 | |
| San Francisco, CA | 1 | Participant | May 2018 | |
 Singapore | 1 | Participant | May 2018 | |
| San Francisco, CA | 1 | Participant | Aug 2019 | |
| Bozeman, MT | 1 | Lead | Mar 2021 | |
| San Francisco, CA | 1 | Participant | Aug 2017 | |
| San Francisco, CA | 1 | Participant | Mar 2021 | |
This data is available for Pro users. Sign up to see all 18 ThoughtSpot investors. Start Free Trial | ||||
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small}
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by ThoughtSpot
ThoughtSpot has acquired 4 companies to date.
Last acquisition by ThoughtSpot was on June 26th 2023. ThoughtSpot acquired Mode Analytics for $200M.
Latest Acquisitions by ThoughtSpot
| Description | Mode Analytics is a San Francisco-headquartered collaborative data platform enabling SQL queries, visualizations, and reports for teams. Founded in 2013 and acquired by ThoughtSpot in 2023, it serves enterprises like Alaska Airlines and Fox with notebooks, dashboards, and Python/R support, processing petabytes of data daily. | SagasIT Analytics is a Hyderabad-based analytics consulting firm that delivers data engineering, business intelligence, and machine learning services to enterprises across industries. The company builds custom dashboards using tools like Tableau and Power BI, implements predictive analytics models, and optimizes data pipelines on cloud platforms including AWS and Azure. SagasIT serves clients in healthcare, finance, and retail, helping them integrate big data for operational insights and decision-making. With expertise in ETL processes and AI-driven forecasting, the firm supports digital transformation projects from strategy to deployment. | Diyotta is a data integration platform designed for batch and real-time processing across on-premises, cloud, and hybrid environments. Hyderabad-based, it supports massive data volumes from diverse sources to targets like Hadoop, Snowflake, and databases, accelerating migrations to modern data warehouses for enterprises worldwide. | SeekWell is a San Francisco-headquartered SQL and Python integrated development environment designed for data teams. The platform supports seamless integration with Google Sheets, Slack, Jupyter Notebooks, and shared code repositories while offering features like query automation, auto-complete functionality, and collaborative editing to streamline data workflows. |
| HQ Country | |  | | |
| HQ City | San Francisco, CA | Bangalore | Charlotte, NC | New York City, NY |
| Deal Date | 26 Jun 2023 | 19 Apr 2023 | 4 May 2021 | 31 Mar 2021 |
| Valuation | $200M | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all ThoughtSpot acquisitions and their M&A valuation multiples. Start Free Trial | ||||
ThoughtSpot Competitors
ThoughtSpot competitors include listed companies like Presight AI and SenseTime Group, and private ones like Dataminr, Dataiku, Pendo and Quantexa.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| New York City, NY | Private | $200M | - | $4.1B | 20.5x | |
| New York City, NY | Private | $150M | - | $3.7B | 24.7x | |
 UAE | Publicly listed | $825M | $214M | $5.7B | 5.4x | |
| Raleigh, NC | Private | $100M | - | $2.6B | 26.0x | |
 London | Private | $100M | - | $2.6B | 26.0x | |
 China | Publicly listed | $748M | ($70M) | $6.2B | 5.8x |
ThoughtSpot Public Comps
ThoughtSpot is still privately-owned, but its public comps include Sportradar, Geovis, Octave Intelligence, Presight AI, Teradata, Shanghai DZH, Affle 3i, Ncino, SenseTime Group and Haizhi.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.5B | $613M | 2.3x | 2.1x | 5.6x | 8.7x | |||
| $399M | $44M | 9.8x | 8.4x | 87.8x | - | |||
| $1.6B | $530M | 3.3x | 3.3x | 10.1x | 9.6x | |||
| $825M | $214M | 6.3x | 5.4x | 24.4x | 20.8x | |||
| $1.7B | $285M | 1.4x | 1.5x | 8.4x | 5.3x | |||
| $123M | ($545K) | 18.1x | - | (4082.3x) | - | |||
| $282M | $67M | 7.4x | 6.7x | 31.3x | 29.5x | |||
| $595M | $65M | 4.3x | 4.0x | 39.0x | 15.8x | |||
This data is available for Pro users. Sign up to see all ThoughtSpot competitors and their valuation data. Start Free Trial | ||||||||
Common questions about ThoughtSpot
| When was ThoughtSpot founded? | ThoughtSpot was founded in 2012. |
| Where is ThoughtSpot headquartered? | ThoughtSpot is headquartered in San Francisco, CA, United States. |
| Is ThoughtSpot publicly listed? | No, ThoughtSpot is a private, VC-backed company. |
| What is ThoughtSpot's valuation? | ThoughtSpot was last valued at $4.2B in its Series F in November 2021. |
| How much funding has ThoughtSpot raised? | ThoughtSpot has raised $653M across 7 funding rounds. |
| What was ThoughtSpot's last funding round? | ThoughtSpot's last funding round was a $100M Series F in November 2021, led by March Capital. |
| Who are ThoughtSpot's investors? | ThoughtSpot's investors include Lightspeed Venture Partners, Khosla Ventures, General Catalyst, Geodesic Capital, Sapphire Ventures, Next Play Capital, March Capital, BluePointe Ventures, Decacorn Capital, Silver Lake Waterman and 8 others. |
| What is ThoughtSpot's revenue? | ThoughtSpot's latest recorded revenue is $150M (November 2021). |
| What is ThoughtSpot's revenue multiple? | ThoughtSpot's latest valuation implies a 28.0x revenue multiple ($4.2B valuation on $150M of revenue). |
| Which companies are comparable to ThoughtSpot? | Companies comparable to ThoughtSpot include Dataminr, Dataiku, Presight AI, Pendo, Quantexa and SenseTime Group. |
| How many companies has ThoughtSpot acquired? | ThoughtSpot has acquired 4 companies, including Mode Analytics, SagasIT Analytics, Diyotta and SeekWell. |
| What was the largest acquisition by ThoughtSpot? | The $200M acquisition of Mode Analytics in June 2023 is the largest acquisition ThoughtSpot has made to date. |
See companies similar to ThoughtSpot
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.