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With 600 employees and a valuation of $1.95 billion, the nearly decade-old analytics startup ThoughtSpot is aiming to reinvent itself as a cloud company before it undergoes its planned IPO.
On Tuesday, the company is expected to launch a new product called ThoughtSpot Everywhere to help developers easily build analytics into their products with a minimum of coding required. It’s also acquiring Diyotta, a North Carolina and India-based company that builds integration tools for data analysis, focused on the cloud. ThoughtSpot declined to disclose financial details of the acquisition.
With a recent $20 million investment from cloud data storage company Snowflake under its belt, the Sunnyvale, California-based ThoughtSpot has also been focused on moving its entire business to the cloud, including helping customers using their own private data centers make that transition themselves.
Of those customers, CEO Sudheesh Nair told Insider that about 80% are planning to make the cloud transition, and many are large enterprises in finance that follow a “herd mentality” when it comes to IT.
The new ThoughtSpot Everywhere platform aims to help that trend along, Nair said, describing it as “squarely aimed” at going after startups and large built-in-the-cloud companies like Uber and DoorDash in taxi or food services.
“My biggest bet for this year with cloud is the cloud native companies,” Nair said, “We want ThoughtSpot to be the company that delivers analytics for all of these companies. I know it’s a huge ambition.”
And by giving developers at those companies the ability to analyze data with natural language searches — essentially, plain speech, rather than formulas or code — he envisions ThoughtSpot being used by people building products, not just the dedicated data science and analytics teams as larger companies.
That approach could help the company as it aggressively pursues new cloud customers — even as it helps its more legacy-oriented customers make the switch. Winning over those companies while also keeping its relationships with larger ones is a critical maneuver for the company to pull off before it plans to file for a public offering, Nair says.
Ultimately, Nair, who joined ThoughtSpot in 2018, said he aims to put the analytics company at the forefront of a new breed of business intelligence products — ones that are powered by the cloud and more dynamic than the traditional dashboards and reports that “don’t talk back to you.”
“We are sort of declaring our position more clearly for the world who we are, because sometimes we get dumped into the same bucket as business intelligence companies,” Nair told Insider. “People use it as a comfort blanket, a way of feeling like they are making data driven decisions, but what they end up doing is they usually make decisions they already want to make.”
The ‘shelf life’ of data is shrinking, so it needs to be processed faster and by anyone
The amount of data has increased so dramatically that Nair says companies went from collecting about five exabytes to 470 exabytes of data per day. Such scale requires an immense amount of …read more
Source:: Businessinsider – Tech
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