ThoughtSpot, the AI-Powered Analytics company, today announced another strong year of growth and accelerating momentum after closing fiscal year 2023. ThoughtSpot’s business momentum is a testament to the fast-paced evolution of the business over the last two years, in which the company launched and scaled its SaaS offering, conceived, built, and grew a new embedded analytics product line with ThoughtSpot Everywhere, and expanded partnerships across the modern data stack. The growth in the last year in particular has come as the company has brought new innovations to market, powered by generative AI, that allow every kind of user, from technical data team to casual business user, to engage with BI in the style they prefer. As a result, customers in every segment, across geographies, have adopted the company’s platform to transform how they make decisions and take action with data.
Notable growth milestones over the past fiscal year include:
- In July, ThoughtSpot further strengthened its position as an industry leader as the company completed its acquisition of Mode Analytics, resulting in a twofold increase in the companies’ combined customer base and growing to $150M ARR.
- ThoughtSpot Everywhere, the company’s embedded analytics solution introduced in late 2021, emerged as an industry leader for product and app developers looking to infuse AI into their analytics. The embedded solution was ThoughtSpot’s fastest growing product, boasting 100% Annual Recurring Revenue (ARR) growth year over year. This success underscores ThoughtSpot’s ability to bring new innovations to market that have strong product market fit around the globe, and drive a meaningful share of revenue.
- In March, ThoughtSpot launched ThoughtSpot Sage, an AI-powered search experience that lets every user, regardless of technical skills, leverage foundational language models within ThoughtSpot’s patented search technology to get insights from their data through natural language search. This experience empowers every person in an organization with the ability to ask and answer data questions, create and interact with data-driven insights, and use these insights to make informed decisions.
“With ThoughtSpot, anyone at Wellthy—on the Data Team or otherwise—can explore and access data without jumping through any hoops. They don’t have to wait for a monthly business review to see how they’re tracking against their metrics or ask a data team member to slice the data by a different attribute. They can explore their hypotheses and drill down into the data on their own. They get instant access to the customer analytics data and insights they need to provide the best member experience,” said Kelly Burdine, Director of Data Science at Wellthy.
“We are building a company of lasting consequence. In the ever evolving tech landscape, generative AI represents the biggest wave of transformation, redefining the speed at which our customers can turn data into insights and drive meaningful outcomes,” said Sudheesh Nair, CEO, ThoughtSpot. “At ThoughtSpot, we know we have a responsibility to help our customers ride the current and propel them into the future. We do this by making analytics seamless and invisible, while ensuring the results and impact delivered remain strikingly visible. Constantly reinventing every aspect of ThoughtSpot, from product to pricing to GTM, isn’t simple. But it is essential if we want to not only reshape the future of analytics, but the future of our customers’ success in the age of AI.”
“Our impressive performance as we closed out the fiscal year underscores both the effectiveness of our overarching business strategy, built on our unwavering dedication to our customers, and our commitment to growing responsibly and efficiently,” said Mohit Daswani, CFO, ThoughtSpot. “We have taken intentional, bold steps to enable multiple levers of growth that have spanned bringing new solutions to market that appeal to different personas, entering new segments, and building leverage in our go to market through our ecosystem. Despite the challenges posed by the macroenvironment, we’ve consistently been able to innovate, both by building on our core platform and acquiring industry leaders like Mode Analytics, to deliver expansive value for our customers. We continue to exercise fiscal discipline and are fully funded to cash flow break even. Balancing innovation, efficiency, and customer value is helping us build a company of durable growth as we advance our mission to create a more fact driven world.”
ThoughtSpot Product Innovation Powers New Wave of Growth
With the strategic acquisition of Mode Analytics, ThoughtSpot has further diversified its position as a multi-product company, now serving a wider array of customer personas and delivering a comprehensible platform for all needs. In addition, in the last twelve months, ThoughtSpot:
- Introduced ThoughtSpot Sage and is poised to capitalize on the industry trends driven by GenAI. With ThoughtSpot Sage, all users, from C-suite, to business user, to analyst, can leverage foundational language models to get insights from their data through natural language search. Supported by ThoughtSpot’s patented technology, ThoughtSpot Sage delivers ease of use, speed, seamless integration, scalability, and future readiness, making it a key differentiator in the market.
- Launched ThoughtSpot Monitor for Mobile, empowering customers with on the go, automatic notifications on their mobile device as critical business KPIs change, along with an explanation of the key drivers of that change, so that they can make data-driven decisions from anywhere.
- Supported customers such as MDAudit, Abrigo, Loan Market Group and others in building and launching new products and applications with a sticky user experience underpinned by embedded GenAI analytics capabilities built on ThoughtSpot Everywhere.
- Expanded and enhanced its partnership with Google, bringing exciting new generative AI capabilities to Google Cloud and Google Workplace. With the expanded partnership, ThoughtSpot is available on Google Cloud, and has introduced a deep integration with Looker Modeler, three integrated plugins for Google Workspace including ThoughtSpot Connected Sheets, ThoughtSpot Analytics for Sheets, and ThoughtSpot Connected Slides, and launched AI Explain on ThoughtSpot for Sheets.
- Launched new product features, including CodeSpot, ThoughtSpot Sync, Bring Your Own Charts, and new pricing and packaging options such as Team Edition, Pro Edition, and ThoughtSpot for Startups.
“At Goldcast, our objective has been to empower our business users to make more data-driven decisions in their day-to-day. ThoughtSpot Sage enables every Goldcast team member to find insights by asking natural language questions, all while providing a trustworthy and well-governed experience. This truly makes self-service analytics a reality in our organization,” said Kishore Kothandaraman, Co-Founder, Goldcast.
“Our customers’ worlds continue to evolve to have greater sprawl of tools and interfaces unique to each persona and problem, creating more silos than ever before. Unlike legacy BI players, ThoughtSpot takes away the pain of data silos, tool and feature sprawl, the governance versus agility trade-off, and vendor lock. As a multi-product company, ThoughtSpot offers a comprehensive, multi-modal platform that delivers all your analytics needs in one place, catered to whatever kind of user you may be,” said Sumeet Arora, Chief Development Officer at ThoughtSpot. “From code-first for the analyst to code-free, natural language search for the frontline employee, ThoughtSpot delivers the tools you need to experience analytics the way you want. Our experience layer for the modern data stack is powered by generative AI coupled with our patented search technology, providing trust, security, governance and reliability, all while offering freedom of choice in building your stack. This is what’s unlocking true impact for our customers in accelerating time to value, advancing innovations, opening new revenue streams, and increasing ROI in their AI and cloud investments.”
Key Achievements and Industry Recognition
Over the last year, ThoughtSpot continued to see strong momentum in landing new logos and expanding offerings with customers. Milestones include:
- Surpassed 1,000 customers with the joining of Mode, reaching a spectrum of users, from analysts to knowledge workers to leadership, and unlocking greater share of TAM in business intelligence across global enterprises like Verizon, CVS, Conde Nast, Anthem, Capital One, Snowflake, and Comcast, as well as digital natives such as Doordash, Calm, Zillow, Wellthy, Airtable, and Huel.
- Achieved a remarkable 100% organic growth in SaaS ARR year over year.
- Broadened its ecosystem, with new or expanding partnerships with Google Cloud, Snowflake, Amazon Web Services, dbt Labs, and others.
- Strengthened the global leadership team through strategic additions. Jeff Depa was appointed Chief Revenue Officer and Kuntal Vahalia leads on global partner and alliance efforts, in addition to the APJ region. Following the recent acquisition of Mode Analytics, ThoughtSpot also appointed key executives to critical roles, including Gaurav Rewari as Chief Technology Officer, Srikant Gokulnatha as Chief Analytics and Information Officer, and Benn Stancil as Field CTO.
- Last September, ThoughtSpot announced continued investment in India over the next five years, which included the opening of an office in Trivandrum to support global R&D efforts.
- In April, ThoughtSpot acquired SagasIT Analytics, and launched its India Customer Center of Excellence, responsible for advancing customer outcomes through implementation, adoption strategies, community response management and overall account management and customer success for global accounts.
- Industry recognition includes: Snowflake’s Innovation Technology Partner of the Year, CRN’s 2023 Big Data 100 list, Constellation ShortListTM for for Augmented BI and Analytics, named a leader in Embedded Business Intelligence, Analytics Platforms, and BI by G2.
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