ThoughtSpot Experiences Historic Year of Growth as Customers Around the World Realize Unprecedented Value from AI-Powered Analytics

ThoughtSpot, the AI-Powered Analytics company, 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.

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“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.”

SOURCE: GlobeNewswire