ThoughtSpot Experiences Historic Year of Growth as Customers Around the World Realize Unprecedented Value from AI-Powered Analytics
MOUNTAIN VIEW, Calif., Sept. 21, 2023 (GLOBE NEWSWIRE) -- 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:
“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
“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
Try ThoughtSpot for yourself today: https://www.thoughtspot.com/
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