ThoughtSpot Picks Up $145M After Raising $60M Last August

Another day, another $100 million round.

After yesterday’s $125 million for Mesosphere, ThoughtSpot announced a $145 million raise today. The enormous Series D comes less than a year after the company raised a $60 million Series C in August 2017.

The Bay Area-based business analytics platform that claims to use artificial intelligence has now raised in the ballpark of $300 million, per Crunchbase’s data with the new capital added in. Sapphire Ventures joined ThoughtSpot’s cap table in the Series D, adding its name to prior investors General Catalyst, Khosla, Lightspeed, and corporate venture capital investors Capital One Growth Ventures and Hewlett Packard Pathfinder.

The new capital, per Fortune, makes ThoughtSpot a unicorn.

Speed

ThoughtSpot has raised money more quickly as it scaled. According to Crunchbase, the firm raised its Series A in Q2 2012. Then, eight quarters later in Q2 2014, it raised its Series B. Next, after the same interval, it raised its Series C in Q2 2016. Five quarters later, the firm raised its Series C. Now its Series D comes just three quarters after its Series C.

Its expanding capital base, and pace at which ThoughtSpot has raised, implies rapid growth on the company’s side. So what do we know about its recent performance? Not as much as I’d like, but we do have a revenue fact that the company announced in March and repeated in its materials for its new capital raise:

“ThoughtSpot grew revenue by 180 percent in the fourth quarter, as enterprises invested heavily in the company’s search & AI-driven analytics platform. In their first purchase, more than 80 percent of customers invested six-figures, with several customers expanding to million dollar plus investments.”

I’ve emailed the firm asking if the 180 percent figure is a year-over-year figure (comparing its most recent FQ4 to the year-ago period) or a sequential result (comparing its most recent FQ4 to its most recent FQ3). When we hear back, we’ll update. Update: The figure is a year-over-year result.

Even if the figure is a year-over-year growth pace, that’s good progress for a firm that has been around for over a half-decade.

Another day, another $100 million round. It seems that even with an increased IPO cadence in 2018, tech is still adding more backlog to the liquidity logjam than it is loosening.