ThoughtSpot Inc., a US-based data analytics startup started by Indian-origin entrepreneurs, has amassed $248 million in its latest round of funding from a bunch of marquee investors.
The company, which has a research and development centre in Bengaluru, said in a statement that it raised the new round at a valuation of $1.95 billion.
The latest round takes the total amount the company has raised so far to $554 million.
ThoughtSpot said late-stage growth capital fund Silver Lake Waterman was the new investor in this round. Existing backers Lightspeed Venture Partners, Sapphire Ventures and Geodesic Capital also participated in this round of funding.
The company said it will continue to invest in its go-to-market teams in North America, Europe, Middle East, Africa, and Asia-Pacific to meet growing demand and expand R&D efforts. This includes hiring for its engineering and product teams.
ThoughtSpot was founded in 2012 by IIT-Kanpur alumni Ajeet Singh and Amit Prakash, and a few other Indian-origin techies. Singh, who is the executive chairman, had previously also co-founded cloud computing firm Nutanix. Prakash, the company's CTO, previously worked with tech giants Google and Microsoft.
The company had entered the so-called unicorn club of tech startups with a valuation of at least $1 billion last year after raising $145 million.
ThoughtSpot, which uses artificial intelligence to analyse data, said the fresh funding comes on the heels of a year of record growth for the company.
The company's revenue run rate is approaching $100 million and it counts Walmart, Daimler and Rolls Royce among its customers.
ThoughtSpot has also opened offices in Singapore, Tokyo, Dusseldorf, and invested $25 million in its Bengaluru office.
Over the past year, ThoughtSpot has grown its staff count by 65% to nearly 500 employees. This includes several new executive hires, such as CEO Sudheesh Nair, the company said.
