ThoughtSpot Named a Leader in the Gartner 2019 Magic Quadrant for Analytics and Business Intelligence Platforms

Founded in 2012, the company is recognized in the Leaders quadrant

Evaluation based on completeness of vision and ability to execute

PALO ALTO, Calif. — February 13, 2019 — It's 2am on a Saturday. Rajeev Lahoty, Senior Director of BI & Analytics at Progressive Leasing, hasn’t been able to sleep from excitement. He’s recently rolled ThoughtSpot out to his business users. In the process, he’s gotten himself hooked on instantly finding insights with search and AI-driven analytics. His company is on the brink of a major shift in democratizing data, and ThoughtSpot is just what he’s been looking for. He takes another sip of coffee, proceeds to do his next search on ThoughtSpot, and does a happy dance as each new result pops up.

For companies evaluating technology, Gartner’s Magic Quadrant reports provide deep insights into vendors and their offerings. Today, ThoughtSpot announced Gartner, Inc. has positioned the company in the Leaders quadrant of the Gartner 2019 Magic Quadrant for Analytics and Business Intelligence Platforms^[1]. The company has been included in the quadrant of this report since 2017. 

The news follows a year of substantial growth and market recognition for the company, including holding their first customer conference Beyond, raising $145M in Series D funding, and bringing Sudheesh Nair onboard as CEO.

A complimentary copy of the Gartner report is available here.

A New Era of Augmented Analytics

The analytics landscape has undergone dramatic change in the last year. Innovations in technologies like artificial intelligence, natural language processing, search, and machine learning have fundamentally changed the way companies interact with their data.

According to Gartner: “As disruptive as visual-based data discovery has been to traditional BI, a third wave of disruption has emerged in the form of augmented analytics, with machine learning (ML) generating insights on increasingly vast amounts of data. Augmented analytics also includes natural language processing (NLP) as a way of querying data and of generating narratives to explain drivers and graphics.”^[2]

They also predict: “By 2021, natural language processing and conversational analytics will boost analytics and business intelligence adoption from 35% of employees to over 50%, including new classes of users, particularly front-office workers.”^[3]

Delivering the Future of Data

Customers use ThoughtSpot’s next-generation analytics platform to empower everyone in their organization, from frontline employee to C-level executive, to find meaningful insights hidden in massive amounts of data through a simple search interface. The company’s Relational Search platform leverages a deep architecture built from the ground up for sub-second performance across billions of rows of data with enterprise-class governance. With SpotIQ, the company’s AI engine for numbers, users can simply click on a business term to get relevant, meaningful insights to questions they care about, but didn’t even know to ask. Business people can also talk directly with their data with SearchIQ, the company’s recently announced voice-driven analytics interface, equipping them with powerful insights anywhere and everywhere they make decisions.

“There are those moments in your life you always remember. For me, there was the time before ThoughtSpot, and the time after ThoughtSpot. In our business, business users ask tons of questions every day, and no matter what other vendor we evaluated, we were still reliant on analysts writing SQL to answer these questions. Keeping up became simply impossible,” said Rajeev Lahoty, Progressive Leasing Senior Director of BI & Analytics. “When I first saw ThoughtSpot, I couldn’t believe it – what used to take four hours we were now doing in four minutes. I showed it to one person, and it took off like wildfire. Now, we’ve got business users finding insights to inform everything from how well we are doing; what challenges are we facing and it is helping decide our product roadmap. ThoughtSpot allowed us to “Keep Asking”. In the end – we get to the relevant information by asking the right questions.”

Reactions from Leadership

“Our customers require the ability for everyone in their organization, from C-suite executive to frontline employee, to find relevant, data-driven insights. It’s absolutely critical if they want to succeed in a world that’s fundamentally changed by the rise of technologies like cloud, IoT, and AI,” said Sudheesh Nair, ThoughtSpot CEO. “We see today’s recognition from Gartner as further evidence ThoughtSpot’s search and AI approach is at the forefront of delivering this transformation for our customers, but it's just the beginning. It’s only through relentless innovation and deep partnership with our customers that we’ll achieve our goal of equipping every employee, in every organization, with critical access to information.”

"We started ThoughtSpot with a singular mission six years ago - to create a fact-driven world by empowering every human being with data. This required a reimagining of analytics closer to AI than traditional BI. In our customer base, we are empowering business users to find their own insights, giving data scientists and analysts the time they need to move up the value chain by automating the routine tasks of building dashboards and answering ad hoc questions from the business,” said Ajeet Singh, ThoughtSpot co-founder and executive chairman. “To us, today’s recognition by Gartner is an honor we don’t take lightly. We will stay mission-driven and continue to significantly invest in our product’s unique combination of UX, AI algorithms, and cloud-scale computing to deliver an unparalleled user experience at enterprise scale. I’m grateful to our customers and our team for where we are today, but we know this is only the beginning of a long journey.”

A Year of Historic Growth

ThoughtSpot made significant strides in 2018 in all areas of the business. This includes:

• Launching New Products & Partnerships: ThoughtSpot expanded its platform dramatically in 2018, including launching voice-driven analytics with SearchIQ, predictive and machine learning capabilities through a partnership with DataRobot, and multi-cloud analytics through a partnership with Google Cloud Platform
• Deepening the Executive Bench with Industry Leaders: In 2018, Sudheesh Nair joined as CEO; Brian McCarthy and David Freeman joined as SVP of Worldwide Sales and SVP of Operations, respectively; Monica McEwen and Toni Adams joined as VP of Public Sector and VP of Channels & Alliances, respectively.
• Securing New Funding: the company raised $145M in new funding as part of its Series D round
• Growing Global Presence: The company opened new offices in Germany and significantly grew its engineering center in Bangalore, India, with plans to double headcount in 2019.
• Achieving Market Recognition: Leading organizations have recognized ThoughtSpot’s technology and impact on society, including Forbes, which named ThoughtSpot to its list of 100 most important cloud companies, and the World Economic Forum, which named ThoughtSpot a technology pioneer.

Gartner, Magic Quadrant for Analytics and Business Intelligence Platforms, Cindi Howson, James Richardson, Rita Sallam, Austin Kronz, 11 February 2019.

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About ThoughtSpot

The world’s most innovative enterprises use ThoughtSpot to empower every person in their organization, from C-suite executive to front-line employee, with the ability to quickly uncover data-driven insights. With ThoughtSpot, business people can type a simple Google-like search in natural language to instantly analyze billions of rows of data, and leverage artificial intelligence to get trusted, relevant insights pushed to them as answers to thousands of questions they might not have thought to ask. ThoughtSpot is simple enough for any business person to use, yet powerful enough to handle even the largest, most complex enterprise data without sacrificing speed, security, or governance. That’s why customers like 7-11, BT, Celebrity Cruises, Daimler, De Beers, Hulu, Miami Children’s Health System, Nationwide Building Society, and Scotiabank have turned to ThoughtSpot transform their decision-making cultures. By making insights a part of every conversation and every decision, ThoughtSpot is reimagining the role of data in creating a more fact-driven world. For more information, please visit http://www.thoughtspot.com/.