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ThoughtSpot raises Rs 1,794 crore in Series E funding, says report

ThoughtSpot raises Rs 1,794 crore in Series-E funding, says report

ThoughtSpot raises Rs 1,794 crore in Series-E funding, says report
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By CNBC-TV18 Aug 29, 2019 1:49:49 PM IST (Published)

In the Series E funding, the enterprise-focused search and artificial intelligence-driven startup 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.

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.

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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.
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