Snowflake, ThoughtSpot Tighten Embrace
Snowflake, the cloud data services leader, is expanding its ecosystem with an investment in search specialist and AI-based analytics platform developer ThoughtSpot.
ThoughtSpot said the new investment, reportedly in the range of $20 million, expands an existing partnership that includes joint customers running ThoughtSpot analytics platform on Snowflake’s data cloud.
According to the website Crunchbase.com, ThoughtSpot has so far raised more than $543 million in venture capital since its founding by Nutanix Inc. co-founder Ajeet Singh in 2012.
The partnership announced in June 2019 coincided with the release of ThoughtSpot’s Embrace platform is designed to accelerate deployment of search and analytics on Snowflake (NYSE: SNOW) and other data clouds. Embrace allows direct queries on cloud data warehouses, eliminating the need to move data between cloud sources and analytics platforms.
Since then, ThoughtSpot has launched a cloud-based software services platform for delivering search and AI-based analytics tools along with an updated search tool aimed at cloud analytics.
Snowflake Ventures’ investment will be used to accelerate the integration of ThoughtSpot’s search tools and analytics platform with Snowflake’s latest data cloud features, the partners said Tuesday (March 9).
With more enterprise data migrating 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 Singh, who now serves as ThoughtSpot executive chairman.
The extended partnership with Snowflake follows an agreement last month between ThoughtSpot and Microsoft (NASDAQ: MSFT) to run its analytics platform on the Azure cloud. The collaboration would allow customers to access data on Azure Synapse Analytics, Azure Databricks and other cloud data warehouses.
The deal with Microsoft also includes expanded support by ThoughtSpot for Azure Synapse Analytics and product co-development.
Along with Snowflake, Sunnyvale, Calif.-based ThoughtSpot is backed by VC heavyweights such as Khosla Ventures and Lightspeed Ventures along with the investment arm of SAP, Sapphire Ventures.
Given the company’s traction in the cloud data analytics market, ThoughtSpot is considered a likely candidate to follow in Snowflake’s wake with a public stock offering.