Artificial intelligence (AI) is all around us in today’s technology-driven society. From smartphones to digital assistants like Alexa and Bixby as well as Facebook’s branded Messenger chatbots, the ability to determine what consumers want, how they want it and when they want it has started to become something of an expected norm.
With AI tech startup ThoughtSpot’s latest round of funding news, it seems that there is no end in sight to the bounds of artificial intelligence. This week, the company announced its last part of its $120 million venture capital (VC) funding round. Although it was completed back at the beginning of the year, the $60 million dollar sum was undisclosed until now. This latest part of ThoughtSpot’s VC funding puzzle was led by Lightspeed Venture Partners.
Founded in 2012, the AI startup specializes in data analytics for enterprises looking to quickly find data, similar to an online search engine. With this latest round of venture capital funding now complete, the company is ready to debut its new AI product. Dubbed SpotIQ, this product searches data throughout a computer by making its own assumptions about the specific user based on profile and search terms to pinpoint various analyzed data.
Through this new AI-enabled product, the technology startup’s CEO Ajeet Singh is hoping to help stretch innovation in businesses. By having AI discover data to help answer questions that may have never come up in the past, Singh is also looking to streamline everyday work processes. An analysis that may have taken weeks to do in the past would now be complete in minutes, thanks to AI.
With the infiltration of artificial intelligence and search-enabled products like ThoughtSpot, many retailers and businesses will now have the opportunity to stay on top of consumers’ needs and desires. Being able to anticipate what consumers will be into next is something that will likely help provide an additional competitive edge over others.