An Artificial Intelligence-driven startup ThoughtSpot raised Rs 1,794 crore ($248 million) in its latest round of funding, led by existing investor Lightspeed Ventures, The Economic Times reported.
In the Series E funding, the business intelligence and big data analytics platform saw some growth-stage public investors, whose names were not disclosed, the report said, adding that Sapphire Ventures, an existing backer, valued the seven-year-old firm at $1.95 billion.
“Lightspeed has been an early backer of ThoughtSpot, and in fact, we had practically incubated the company in their offices. They have participated in every round so far… This is a completely primary round,” Ajeet Singh, executive chairman and co-founder of ThoughtSpot, told ET.
As per co-founders Ajeet Singh and Amit Prakash, the initial plan was to raise about $150 million, but a combination of market opportunities and recent consolidation that has taken place in the broader business intelligence sector, including Salesforce’s $15.7 billion acquisition of Tableau in June earlier this year, saw the ThoughtSpot financing round oversubscribed, the report added.
The latest round of funding comes 15 months after the company raised $145 million in May last year, with Sapphire Ventures and other global investors, the report said. Till date, ThoughtSpot has raised about $554 million in financing.