ThoughtSpot, which provides search and AI-driven analytics to enterprises, on Monday said it will invest $ 25 million (about ₹174 crore) to strengthen its R&D team in Bengaluru.
US-based ThoughtSpot was founded in 2012, by Ajeet Singh and Amit Prakash, and has offices in the UK, Germany, Singapore and India.
“We will invest $25 million in our engineering centre in Bengaluru over the next two years. We are recruiting talent from top Indian universities, these are not back office roles but cutting-edge search and AI-driven analytics capabilities,” ThoughtSpot CEO Sudheesh Nair told PTI.
He added that the team in Bengaluru will work closely with the company’s other R&D centres in Sunnyvale and Seattle.
The R&D centre in Bengaluru, which began operations in 2017, with about 20 people, is expected to have more than 100 people in the coming month with the total headcount in India expected to be over 150 people by the end of 2019, Nair said.
Other expansions
The company is also starting business operations in India to bring augmented analytics to enterprises throughout the region.
While ThoughtSpot has a few customers in the country, expanding its presence in India will help tap into the growing opportunity in various verticals including financial services, healthcare and manufacturing, Nair said.
He added that this will help serve both global customers with data analytics and engineering teams as well as enterprises based in India.
ThoughtSpot has also partnered India’s largest IT services firm Tata Consultancy Services (TCS) that will help reach more customers, including small and medium businesses, across the world.
The US-based firm had raised $145 million in funding last year, taking its total fund raise to over $ 300 million. Its investors include Lightspeed Ventures, Khosla Ventures, General Catalyst Partners, Sapphire Ventures, and others.