Saturday, May 15, 2021

ThoughtSpot Announces Investment from Snowflake to Unleash More Value from the Data Cloud with Search and AI-driven Analytics

Customers can unlock more value from their cloud data as partnership deepens to empower every employee to uncover insights through search and AI-driven analytics

 ThoughtSpot, the leader in search & AI-driven analytics, announced a new investment from Snowflake Ventures, the ventures arm of Snowflake. This investment reflects the continued partnership and success joint customers are able to achieve with ThoughtSpot’s AI-driven analytics platform powered by Snowflake’s Data Cloud.

Organisations around the globe have rapidly adopted the Data Cloud in combination with search and AI-driven analytics to move beyond traditional static dashboards and improve how they leverage data. With Snowflake and ThoughtSpot, companies are able to empower every employee with granular insights that create bespoke, personalised experiences. Joint customers like Hulu, Capital One, Medtronic, Canadian Tire, and Nationwide Building Society are already experiencing the benefits of this new modern data stack, built on the cloud and made accessible through search and AI.

Joint customers will benefit from:

  • Accelerated product innovation. ThoughtSpot’s search and AI-driven analytics platform will continue to integrate and leverage the latest Snowflake platform features that enable joint customers to further democratise the use of data and unlock meaningful business insights.
  • Increased ROI from cloud migrations. With ThoughtSpot and Snowflake, companies can quickly get their data into the cloud, identify and move analytics use cases into production, and scale these to any employee in their business.
  • Continued joint go to market. ThoughtSpot and Snowflake will work together to help companies experience the combination of their solutions through jointly held virtual events, workshops, and a free trial of ThoughtSpot.

A year of transformation

The new investment follows ThoughtSpot’s significant transformation into a cloud-first company over the last year. In the midst of the global pandemic, ThoughtSpot launched multiple market defining new cloud capabilities, such as:

  • ThoughtSpot Cloud, the first SaaS platform for search and AI-driven analytics
  • ThoughtSpot One, a fully reinvented search experience for cloud analytics inspired by the best consumer apps
  • ThoughtSpot Embrace, a new way to connect ThoughtSpot directly to every major cloud data source

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The success of this transformation has translated into growth and recognition for ThoughtSpot on multiple fronts. This includes:

  • The annual contract value for cloud deals has grown 213% year-over-year in the last quarter compared to the same quarter last year.
  • In the last year, 54% of ACV came from cloud products.
  • In the last quarter, 92% of new customers purchased cloud products.
  • In the 18 months since launching the company’s first cloud offering, cloud products now make up a third of the company’s ARR.
  • Received SOC 2 Type II attestation
  • Awards like Forbes 2020 Cloud 100, Best Usability from TrustRadius, and Gartner Peer Insights Customers’ Choice

Thoughts from the top

“ThoughtSpot and Snowflake share a common vision of empowering organizations to unlock the power of their data and mobilize it in service of the enterprise,” Snowflake SVP of Product, Christian Kleinerman said. “This investment showcases our continued partnership with ThoughtSpot and commitment to helping our customers get better and faster insights while leveraging the power of the Snowflake Data Cloud.

“We’re all racing to capture as much data as possible, but the reality is, data is useless unless we can quickly unearth insights and use them to create personalized experiences for customers. Doing so requires a completely new, modern approach. Snowflake is the creator of the Data Cloud, changing the entire industry in the same way Oracle did in the 90s and Salesforce did in the early 2000s,” said Sudheesh Nair, CEO, ThoughtSpot. “Customers who embrace this new world will differentiate themselves on both the quality and agility they deliver to customers. Doing so, however, requires a new kind of analytics that brings the power of the Data Cloud to everyone through the ease of a simple, yet powerful analytics platform. We couldn’t be more excited to join the Data Cloud revolution.”

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“Our long-term mission to build a more fact-driven world means helping every person turn data into insights. As that data increasingly moves to the cloud, our growing partnership with Snowflake will help advance that mission to put insights from across the Data Cloud into the hands of every employee with search and AI,” said Ajeet Singh, Co-founder & Executive Chairman, ThoughtSpot. “We know it won’t be easy, but with partners like Snowflake, I know we’re up to the task together.”

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