ThoughtSpot Inc. has closed a late-stage $100 million investment at a $4.2 billion valuation, more than double what the analytics startup was worth after its previous funding round two years ago.

ThoughtSpot announced the Series F investment on Monday. The startup said March Capital led the round with participation from Snowflake Inc.’s venture capital arm, Khosla Ventures, Fidelity, Capital One Ventures and other prominent investors. The company has raised $674 million in funding to date. 

Sunnyvale, California-based ThoughtSpot provides a platform that enables business users to search for useful patterns in the data their company generates as part of day-to-day operations. Marketing teams, for example, can use the platform to identify how a new ad campaign is influencing customer demand. A manufacturer could leverage ThoughtSpot’s capabilities to find ways of optimizing product development efforts.

A key feature of ThoughtSpot’s platform is that it allows users to run analyses without having to write any code. The platform includes a search engine that makes it possible to find useful data with natural-language queries. After they collect the datasets they require, users can turn the information into visualizations using several dozen pre-packaged chart templates included in ThoughtSpot’s platform. 

ThoughtSpot also offers features aimed at fellow tech firms. The startup provides an offering called ThoughtSpot Everywhere that allows companies to integrate its platform into their applications and provide analytics features to their users.

ThoughtSpot said it will use the newly closed funding round to expand its feature set. The investment will also “open opportunities for M&A,” the startup stated, suggesting that it may make acquisitions to complement its in-house product development efforts. Expanding go-to-market activities is another item on ThoughtSpot’s agenda now that it has another $100 million to invest in growth.

ThoughtSpot closed its previous, Series E funding round in 2019. During the two years between the investments, the startup refocused its product development efforts on the cloud. ThoughtSpot made a decision to prioritize the cloud in 2020 and launched a software-as-a-service version of its analytics platform later that year. 

“From the start, ThoughtSpot has been focused on a singular mission: to create a more fact-driven world,” said co-founder and Executive Chairman Ajeet Singh. “The growth of our cloud offerings has surpassed our own expectations, accelerating our progress toward that mission.” 

ThoughtSpot disclosed today that annual recurring revenues from its cloud products have grown 250% over the past year, off an undisclosed base. During that time frame, 85% of new customers purchased cloud products. Thanks to this recent growth, the startup says, cloud products now account for more than half of its total annual recurring revenue, but it didn’t disclose absolute numbers.

Image: ThoughtSpot