ThoughtSpot Introduces New Data Workspace to Transform How Analysts and Developers Utilize the Modern Data Stack

Rhea-AI Summary

ThoughtSpot has launched ThoughtSpot Data Workspace, enhancing analytics for data professionals through streamlined data management and live analytics. The introduction of SpotApps allows for quick deployment of tailored analytics applications across platforms like Salesforce (CRM), ServiceNow (NOW), and Snowflake (SNOW). The company also secured $100M in funding, raising its valuation to $4.2B. This innovation aims to boost productivity and accelerate analytics project timelines, leveraging the evolving data landscape.

Positive

• Launch of ThoughtSpot Data Workspace enhances analytics capabilities.
• Introduction of SpotApps allows rapid deployment of analytics applications.
• $100M funding increases valuation to $4.2B, strengthening financial position.

Negative

• None.

Launch of SpotApps and ThoughtSpot Blocks enables deployment of turnkey analytics applications for specific business functions including sales, marketing, and IT

SUNNYVALE, Calif.--(BUSINESS WIRE)-- ThoughtSpot, the Modern Analytics Cloud company, today announced the new ThoughtSpot Data Workspace with advanced capabilities designed to help analysts, data engineers, and developers build and operationalize Live Analytics throughout their organization. The news comes as ThoughtSpot also announces $100M in new funding, bringing the company’s valuation to $4.2B.

ThoughtSpot's Data Workspace has advanced capabilities designed to help analysts, data engineers, and developers build and operationalize Live Analytics (Graphic: Business Wire)

Built on a dynamic search architecture, ThoughtSpot has always provided the most interactive, intuitive experience for business users to discover and act on data insights on their own. Now, as the roles of data analyst, data engineer, and developers intersect and evolve, ThoughtSpot is bringing this highly interactive experience to these professionals, accelerating time to value and making data teams more productive with the new, developer-friendly ThoughtSpot Data Workspace.

As companies embrace the modern data stack, fueled by the explosion of data and race to the cloud, a new breed of data professional has emerged to manage increasingly complex data engineering and analytics work. Whereas the traditional role was primarily responsible for building reports and dashboards, the analytics engineer of today is tasked with modeling data, launching new use cases, and enabling true self-service for frontline decision makers. The ThoughtSpot Data Workspace is specifically designed to empower these professionals to put their data to work and operate more efficiently. By streamlining this technical work, data teams are able to boost productivity, while dramatically hastening the development and delivery of new analytics projects.

The new ThoughtSpot Data Workspace enables analytics engineers, analysts, and developers to:

• Connect directly to their cloud platform of choice. Analysts and developers can connect to Snowflake, Databricks, Amazon Web Services, Microsoft Azure, GoogleBigQuery, dbt Labs, Dremio, Starburst, and more in seconds, and immediately begin to run live search queries directly on those platforms.
• Launch new data apps directly from the ThoughtSpot Data Workspace. With the introduction of SpotApps, turnkey solutions for the most popular SaaS offerings like ServiceNow, Salesforce, HubSpot and Snowflake, analysts and developers can quickly deploy ThoughtSpot analytical apps to immediately begin realizing value. SpotApps are all powered by ThoughtSpot Blocks, prebuilt packages of code and connectors that can be easily deployed. Each Block is built on TML, the ThoughtSpot Modeling Language.
• Model data with custom SQL or new dbt integration. Analysts and developers can now bring custom SQL to ThoughtSpot and then enable search on a SQL-based view, allowing them to work with data in a language many are already familiar with. Additionally, ThoughtSpot now supports dbt, so engineers can more easily transform, model, and integrate their data with ThoughtSpot. With support for dbt and custom SQL, customers can now model, govern, and manage business logic in one place, then leverage the Modern Analytics Cloud to deliver a live analytics experience.
• Operationalize analytics to create a closed data loop instead of a linear data pipeline. When ThoughtSpot acquired Seekwell earlier this year, the two companies expressed a vision to operationalize analytics with reverse ETL, pushing cloud data insights back to business and productivity apps. Today, that integration is complete and customers can now use search to analyze their cloud data, then seamlessly sync it to business applications like Salesforce and productivity apps like Google Sheets.

“The modern data stack presents an opportunity for analysts and developers to build new data experiences for their business. Today’s cloud data platforms are capable of delivering dynamic analytical capabilities that were not possible with traditional data warehouses and data lakes,” said Ajeet Singh, Cofounder & Executive Chairman, ThoughtSpot. “Historically, this meant many of these professionals were limited to building static dashboards and performing ETL jobs. With ThoughtSpot, however, they can dramatically increase their impact on the business with our new ThoughtSpot Data Workspace, TML, Seekwell, and ThoughtSpot Everywhere. Using these modern capabilities, analysts and developers can build and launch new live analytical experiences quickly, empowering their business counterparts to actively engage with data through the ease and interactivity of the Modern Analytics Cloud.”

Launching New Use Cases with SpotApps, Powered by ThoughtSpot Blocks

ThoughtSpot today is also unveiling SpotApps, fully integrated applications that allow analysts and developers to launch analytics projects for the most common SaaS applications with just a few clicks. SpotApps are powered by ThoughtSpot Blocks, pre-packaged pieces of code.

ThoughtSpot Blocks are built on the ThoughtSpot Modeling Language (TML), which gives users a flexible, yet powerful way to model their data, build new applications, and move them from development to production seamlessly. Based on YAML, TML is built using open standards. Unlike other modeling languages, TML can handle even the most complex data, such as multi-fact table joins like chasm and fan traps, giving analysts and developers a simple yet powerful modeling layer to bring Live Analytics to their business counterparts.

SpotApps will be available for download from the Analytics AppStore and can be used in minutes. Early SpotApps will serve sales, marketing, and IT professionals, with SpotApps for:

• Sales: Outreach, Salesforce (NYSE: CRM)
• Marketing: Google Analytics, Google Ads
• IT: ServiceNow (NYSE: NOW), Jira, Snowflake (NYSE: SNOW) Operational Monitoring, Redshift Operational Monitoring

“The modern data stack has created massive new opportunities for companies, but exposed a critical gap in how business people actually use data. Business users are starving for more and more insights, yet data teams, reliant on static dashboards, cannot hope to feed them. An entirely new, live, interactive data stack rife with turnkey solutions is the only way to address this challenge,” said Sumeet Arora, Chief Development Officer, ThoughtSpot. “The name of the game in today’s market is speed, and with SpotApps and the Modern Analytics Cloud, we’re helping companies turn their data into applications and use cases that drive value more quickly than ever before.”

Both the ThoughtSpot Data Workspace and SpotApps are in a private alpha, and will be available in beta in early 2022. To learn more, please visit www.thoughtspot.com/product/model.

About ThoughtSpot

ThoughtSpot is the Modern Analytics Cloud company. Our mission is to create a more fact-driven world with the easiest to use analytics platform. With ThoughtSpot, anyone can leverage natural language search and AI to find data insights and tap into the most cutting edge innovations the cloud data ecosystem has to offer. Companies can now put the power of their modern data stack in the hands of every employee, extend the value of their data to partners and customers, and automate entire business processes. ThoughtSpot’s web and mobile applications improve decision-making for every employee. With ThoughtSpot’s developer-friendly platform, customers can also embed consumer-grade analytics into their SaaS offerings or build entirely new interactive data apps that engage users and keep them coming back for more. Organizations like Walmart, BT, Daimler, Medtronic, Hulu, Royal Bank of Canada, Nasdaq, OpenTable, Workato, and Nationwide Building Society rely on ThoughtSpot to transform how their employees and customers take advantage of data. See for yourself and try ThoughtSpot today.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005482/en/

Ryan Mattison

press@thoughtspot.com

Source: ThoughtSpot

FAQ

What is ThoughtSpot Data Workspace?

ThoughtSpot Data Workspace is a newly launched platform designed to help data analysts, engineers, and developers build and operationalize live analytics more efficiently.

How much funding did ThoughtSpot raise?

ThoughtSpot raised $100M in new funding, increasing its valuation to $4.2B.

What are SpotApps in ThoughtSpot?

SpotApps are turnkey analytics applications that allow for quick deployment of analytics projects across popular SaaS applications like Salesforce (CRM), ServiceNow (NOW), and Snowflake (SNOW).

How do SpotApps benefit users?

SpotApps enable users to launch analytics applications with just a few clicks, significantly speeding up the process of deriving value from data.

What platforms can connect to ThoughtSpot Data Workspace?

The Data Workspace allows connections to platforms like Snowflake, Databricks, AWS, Microsoft Azure, Google BigQuery, and others.