ThoughtSpot, a startup that hopes to modernize the way companies do business intelligence, announced $30 million in Series B funding today led by Khosla Ventures with help from existing investor Lightspeed Venture Partners.
The funding brings its total to $40.7 million to date. As part of the deal, Keith Rabois, who is a partner at Khosla Ventures, will join the ThoughtSpot board of directors.
The product uses a consumer-like search front end to help find data.
While Thoughtspot is not generally available yet, they report having several early stage customers and want to use the investment to build out their customer support, marketing and sales before releasing their first official product later this year.
They have an impressive team that includes the former head of AdSense analytics at Google, the former head of search at Yahoo and the former lead for Oracle’s BI in the cloud effort, to name just a few.
When asked why they were attacking business intelligence, which has been around since the 1980s, co-founder and CEO Ajeet Singh told me he identified BI as an area that was ripe for change. The focus until now, he says, has been centered too much on the needs of IT and not enough on users getting at the data they need.
The product lets you search a structured database and find the answers to particular problems, then create custom dashboards on the fly. As an example, he searched CrunchBase for the most funded areas in 2014 and found that it was mobile apps. He isolated the data point in a graph and pinned it to a custom dashboard on Silicon Valley investment.
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