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ThoughtSpot Announces Record 108% YoY Revenue Growth Driven by Booming Demand for AI-driven Analytics

Significant adoption by global enterprises, new product capabilities and global expansion drive company’s most successful year to date

SUNNYVALE, Calif. — February 19, 2020 ThoughtSpot, the leader in search and AI-driven analytics, today reported 108% revenue growth for the fiscal year ending January 31, 2020. The company’s explosive growth was driven by significant adoption by organizations in every industry vertical, as enterprises look beyond the rapidly consolidating data visualization market to the next generation of analytics, powered by search, artificial intelligence, and the cloud, to transform their business. 

As Gartner notes in its  2020 Magic Quadrant for Analytics and BI Platforms, in which ThoughtSpot was named a Leader for the second consecutive year, “ABI platforms are no longer differentiated by their data visualization capabilities, which are becoming commodities… Augmented capabilities are becoming key differentiators for analytics and BI platforms, at a time when cloud ecosystems are also influencing selection decisions.”1

The Inside Story of the Company at the Center of the Data Analytics Revolution 
Fiscal year 2020 marked record growth for ThoughtSpot across the board. Significant milestones include:

  • Landmark revenue run-rate: The company’s annualized bookings run-rate surpassed $100 million. 

  • Exceptional customer adoption: ThoughtSpot reported an average first sale price of $300,000. Customers like Walmart, Fannie Mae, Exxon, Verizon, Hulu, Daimler, Bank of the West, Royal Bank of Scotland, and British Telecom are leveraging ThoughtSpot to transform their decision-making cultures. 

  • Growing deal sizes: The company’s traction with large enterprises skyrocketed in FY20, with the average expansion deal in excess of $700,000. The company closed nearly 20 seven-figure deals, including one of the largest deals ever completed in analytics. ThoughtSpot’s diverse customer portfolio now includes at least one of the top five global companies by revenue in the retail, financial services, telecommunications, technology, and oil and gas industries.

  • Recruiting top talent and leaders: The company also bolstered its leadership team. New executive-level hires include

  • Expanding globally: ThoughtSpot increased both its national and global presence in 2019, opening six new offices in Singapore, Tokyo, Melbourne, Dusseldorf, Paris, and San Francisco. ThoughtSpot also expanded its global team dramatically, growing headcount by 33%.

“It’s an exciting time to be in analytics. As the cloud and AI go mainstream, our enterprise customers recognize they have an unprecedented opportunity to leverage their data and drive business value. ThoughtSpot is the innovation partner for these organizations, equipping modern businesses with an advanced yet simple to use platform that unleashes the power of data and allows business users to find insights, add their own knowledge and expertise, and, most importantly, take action,” said Sudheesh Nair, CEO, ThoughtSpot. “Last year’s growth and success is a testament to the faith our customers place in us, the combined efforts of our team, our culture, and the incredible work of our partners. Coming off of our most successful year of growth to date, we will continue to work hand in hand with our customers to transform how they use data, make decisions, and operate.”

“We have a deceptively simple vision to create a more fact-driven world by empowering everyone with the ability to get insights from data. Over the last fiscal year, we’ve made advances in all areas of the business to help realize this goal, from hiring exceptional new talent to launching transformative products, to securing new funding,” said Ajeet Singh, Cofounder and Executive Chairman, ThoughtSpot. “With such a strong foundation, we’re well poised to take the coming year to the next level and accelerate the innovation we’re bringing to market. We won’t rest on our laurels, however. We’re only 2% done and continue to innovate towards our long term mission.”

Industry recognition and validation further enhanced ThoughtSpot’s record-breaking year:

  • Record fundraising: ThoughtSpot announced a  $248 million Series E financing round in August, bringing total funding to $554 million and valuation to $1.95 billion. 

  • Groundbreaking technologies: ThoughtSpot introduced its newest product version, ThoughtSpot 6, which includes new AI capabilities to serve the right insight to the right user at the right time. ThoughtSpot also rolled out a new mobile app that provides users with insights whenever and wherever decisions are made.

  • Burgeoning partner ecosystem: ThoughtSpot launched Atlas Marketplace, which features data, technology and industry offerings developed by partners that provide ready-to-go solutions for organizations built on ThoughtSpot’s search & AI-driven analytics platforms.

  • Top industry accolades: Gartner listed ThoughtSpot as a Leader in the 2020 Gartner Magic Quadrant for Analytics and Business Intelligence Platforms for its advanced yet simplistic approach to analytics. Additionally, ThoughtSpot was named to the Forbes 2019 Cloud 100 list, the definitive list of the 100 most important private cloud companies in the world, and was honored as one of Glassdoor’s Best Places to Work in 2020

Gartner Disclaimer

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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 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 Walmart, 7-11, BT, Daimler, Exxon, Hulu, Royal Bank of Canada, Bank of the West, and Nationwide Building Society have turned to ThoughtSpot to 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 www.thoughtspot.com.

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1 Gartner [Magic Quadrant for Analytics and Business Intelligence Platforms], [James Richardson, Rita Sallam, Kurt Schlegel, Austin Kronz, Julian Sun], [11 February 2020]

 

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