PALO ALTO, Calif., Oct. 17, 2016 -- Today ThoughtSpot, the leader in search-driven analytics for the enterprise, announced it has expanded its Series C funding round with a new investment from Hewlett Packard Pathfinder to accelerate the adoption of its Relational Search technology within the Fortune 500. Along with the investment, ThoughtSpot enters the Hewlett Packard Pathfinder program, a venture investment and partnership program designed to identify startups with the greatest potential, connect them with forward-looking enterprise customers and elevate their solutions to scale.
Through this strategic partnership, ThoughtSpot and HPE will co-sell a joint solution, where ThoughtSpot's Relational Search software will run on HPE infrastructure, and HPE will become a reseller of ThoughtSpot's search-driven analytics solution.
"ThoughtSpot has taken a radical new approach to solving the challenge facing the Business Intelligence industry," said Lak Ananth, Managing Director of Hewlett Packard Pathfinder. "After seeing the significant impact they are having at Fortune 500 customers, it was an easy decision for us to join forces. We couldn't be more excited to partner with the ThoughtSpot team and bring their search-driven analytics technology to HPE's enterprise customers."
"We're thrilled to be partnering with HPE," said Ajeet Singh, ThoughtSpot's co-founder and CEO. "The business intelligence market is ripe for a 100-1000x leap forward in the speed of data access. Hewlett Packard Pathfinder is connecting us with innovative technology leaders who are rapidly embracing our new breed of Relational Search technology. The days of waiting days for data experts to build reports and dashboards are over."
In the past year, ThoughtSpot has driven 810% sales growth by securing a growing list of enterprise customers and doubling the average deal size across all vertical markets. With the new investment, ThoughtSpot will continue to fuel global expansion, hiring, and technology advancement. In September, ThoughtSpot opened new offices in Seattle, Washington, in order to expand its engineering talent beyond the San Francisco Bay Area.
The strategic partnership and joint relationships with the Fortune 500 customers puts ThoughtSpot in a stronger position to compete against IBM Watson Analytics. Unlike Watson Analytics, which interprets a user's entire search query and presents back a series of suggestions to choose from, ThoughtSpot's Relational Search engine leverages data characteristics and company usage patterns to guide users to a single, accurate answer. Customers like Bed Bath & Beyond, Primary Capital Mortgage, RichRelevance, Automated Financial Systems, Collegis Education, SterlingBackcheck, Batteries Plus Bulbs, Nutanix, and Hightail are empowering their entire organizations to access and analyze data with ThoughtSpot's technology.
ThoughtSpot is disrupting the BI industry with search-driven analytics for the enterprise. ThoughtSpot's Relational Search technology lets business people analyze company data in seconds and helps BI & Analytics teams cut their reporting backlogs by over 90%. ThoughtSpot connects with data from on-premise and cloud data sources, and is designed for enterprise-scale, security, and governance—all while deploying 85% faster than legacy technologies. ThoughtSpot has built the world's most advanced, yet easy-to-use number-crunching machine with a singular mission—to deliver access to data at "human scale." The company's founding team has previously built market-defining search and analytics technologies at Google, Amazon, Oracle and Microsoft.