ThoughtSpot Goes All In on GenAI in War with Legacy BI, Appoints New Chief Customer Officer to Drive the Vision

Weekly Edition & Stock Spotlight

May 3, 2024

Hill Chart Shape

ApeVue50 Index & Sectors YTD Performance

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Most Active Names Performance

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ApeVue50 Privates versus Public Benchmarks/ETFs

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Public v. Private (12mo)

The ApeVue50 tracks the performance of the 50 most active private names observed in the secondary market. It is an equal-weighted index, rebalanced on a monthly basis.

This rebalancing of constituents over time gives way for more active names to participate in what we observe as "market performance," and in a more appropriate manner than static selections and weightings criteria.

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Stock Spotlight - ThoughtSpot
Sectors

Data Analytics SaaS AI

Headquarters
Sunnyvale, California, USA
CEO
Ajeet Singh

ThoughtSpot is an AI-powered analytics company that revolutionizes decision-making across various industries, with clients like T-Mobile, CVS, and Nasdaq. Its platform provides intuitive natural language search capabilities, allowing users to analyze data from multiple cloud platforms and generate actionable insights. ThoughtSpot's offerings include accessible web and mobile applications for on-the-go decision-making and a low-code platform, ThoughtSpot Everywhere, for embedding analytics into products and services to enhance user engagement and data monetization. This approach democratizes data analysis, ensuring data-driven decisions across organizations. The company has been in the news for their massive GenAI push and and overall commitment to advancing AI technology in general.

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Latest News and Updates on ThoughtSpot

ThoughtSpot’s Next Chapter - Ajeet Singh, Co-founder and Executive Chairman at ThoughtSpot gives his insights into ThoughtSpot's future and commitment to providing customer value as they scale. Click here to read more.
ThoughtSpot Named Google Cloud Technology Partner of the Year for Data - ThoughtSpot, recently honored as the 2024 Google Cloud Technology Partner of the Year for Business Intelligence, continues to deepen its integration with Google's Gemini models, further enhancing data-driven decision-making and creativity for organizations globally. Click here to read more.

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Annual Revenue and Revenue Growth

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Additionally, ThoughtSpot's report from September 21, 2023 states that ThoughtSpot Everywhere, the embedded analytics product, experienced rapid growth, becoming ThoughtSpot's top-performing offering with an impressive 100% year-over-year increase in Annual Recurring Revenue (ARR).

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ThoughSpot's Financial Data

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Series F-1 Valuation

<span class="date">2023-07-18</span>
<span class="value">$4.5B</span>

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Implied Valuation

<span class="date">2024-04-29</span>
<span class="value">$1.43B</span>

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Change Since Last Round

<span class="date">2023-07-18 → 2024-04-29</span>

<span class="value red">-68.3%</span>

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Return on Investment

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Funding Round in USD

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Bid:Ask Volume Ratio

ApeVue highlights quarterly bid to ask volume where there were at least three broker contributions within that period. All of ThoughtSpot's broker contributions in April of 2024 and Q1 of 2022 were on the ask side. Conversely, all of contributions in Q1 and Q3 of 2021 were on the bid-side. ApeVue didn't observed significant activity in Q4 of 2021.

Activity Trend

ApeVue observed peak activity of 20 contributions at institutional size (+$1M) from October to December of 2022. The 90-day contribution as of April 29, 2024 is of moderate size at 8 and the trend since the start of April 2024 has been downward.

ThoughtSpot Private Comparables in the Analytics Sector

ApeVue highlights 7 active private companies within the Analytics sector as of April 29, 2024.
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Activity

The plot below displays the 90-day activity based on institutional-level ($1M+) broker contributions as of April 29, 2024. Within the analytics sector, Databricks shows the highest activity with 35 contributions, while ThoughtSpot is moderately active with 8 contributions.

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Change in Activity

The plot below displays change in average activity from the last 180-day window (November 2, 2023, to April 29, 2024) to the last 30-day window (March 31, 2024, to April 29, 2024). Average activity has increased for all companies except for Cart.com. Airtable has the highest increase in average activity from 10 to 19. ThoughtSpot's average activity increased from 6 to 10.

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Change in ApeVue Valuation Since Last Funding Round

ApeVue's implied valuation is computed as of April 29, 2024, and compared to each company's latest funding round valuation and ApeVue's implied valuation at the end of 2023.

ThoughtSpot's valuation has decreased by 68% from its Series F-1 valuation of $4.5B in July of 2023 to $1.43B, which is ApeVue's current implied valuation. Databrick's current implied valuation is $42.7B, a 1% decrease from its Series I valuation of $43B in September of 2023. Airtable's current implied valuation is $3.17B a 71% decrease from its Series F valuation of $11B in December of 2021. Grafana's current implied valuation is $5.9B a 80% decrease from its Series D valuation of $1.17B in March of 2022.

The year-to-date change in ApeVue's implied valuation shows 12% increase for Databricks, 4% increase for ThoughtSpot, 21% decrease for Airtable and 66% decrease for Grafana.

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Change in Composite Price

The plot below illustrates the change in composite price from March 30, 2024, to April 29, 2024. Dataiku shows the highest increase at 16%, while Neo4j experiences the most significant decrease at 16%. ThoughtSpot's price has also decreased by 5%.

Volatility of Composite Price

Volatility of the composite price is calculated as movement over previous 90 days. ThoughtSpot's composite price is the most volatile at 33% among its comparables and Databricks is the least volatile at 5%.

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90D Bid and Ask Volume Ratio

The plot below illustrates the bid and ask volume ratio from January 31, 2024, to April 29, 2024. Grafana has the highest bid-side volume at 100%. Conversely, Airtable demonstrates strong selling interest in the market, with 85% of its volume on the sell side. ThoughtSpot's volume on the bid side is 58%.

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