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US unicorn ThoughtSpot opens branch in Duisburg

Dynamic growth region, well-trained specialists and perfect connections – the US company is setting up its DACH headquarters in Duisburg's accelerator startport with the help of NRW.INVEST

ThoughtSpot, the leading US provider of search and AI-supported analyses for companies, has set up its headquarters for Germany, Austria and Switzerland (DACH) in North Rhine-Westphalia and is moving into office space at the Accelerator Startport in Duisburg's inner harbor. The expansion to Germany comes after a successful year in which the Silicon Valley company raised $248 million in Series E financing, doubling its valuation to $1.95 billion.

Growth region in the heart of Europe

The settlement of ThoughtSpot in North Rhine-Westphalia is a trend-setting stimulus for the digital and start-up location. "With ThoughtSpot, a digital heavyweight is moving from Silicon Valley to Duisburg. This shows that our start-up ecosystems are now having a magnetic effect on investors all over the world. Startport offers an excellent platform for the US company right in the middle of Europe. The focus here is on the possibility of partnerships with established industrial and service companies throughout North Rhine-Westphalia," says NRW Economic and Digital Affairs Minister Prof. Dr. Andreas Pinkwart.

"As companies in the DACH region seek to change the way they use data, ThoughtSpot has experienced explosive growth over the past year. As a dynamic business location, North Rhine-Westphalia is perfect for our growth course in the DACH region, as it is not only the largest industrial region in Europe, but with its broad-based university landscape also provides well-trained specialists and is ideally connected with two international airports," explained Christian Werling, Regional Director for ThoughtSpot Germany, Austria and Switzerland. "We are delighted that, thanks to the active support of NRW.INVEST, we are able to move into attractive office space at the Accelerator Startport in Europe's largest inland port and at the same time benefit from the experience we have gained from working with other Startport companies."

NRW.INVEST, the economic development agency of the state of North Rhine-Westphalia, intensively supported ThoughtSpot in the selection of a suitable location and connected the company with relevant players of the North Rhine-Westphalian digital scene. "The USA is one of the most important investor countries in North Rhine-Westphalia. More than 1,600 companies are already located here, creating around 190,000 jobs. NRW.INVEST has been operating its own office in Silicon Valley since 2017 and we are very pleased to have been able to win a unicorn with such pioneering technology as ThoughtSpot for our location. The company enriches the digital economy in North Rhine-Westphalia and finds a broad market and ideal conditions for further growth here," says Petra Wassner, CEO of NRW.INVEST.

"With our subsidiary startport, we are bringing a breath of fresh air into the logistics sector. Within a short time, startport has become a platform for innovative ideas with international appeal. The branch of ThoughtSpot from Silicon Valley shows that we have a resounding success with our startport concept", says duisport CEO Erich Staake.

Data for all

ThoughtSpot was formed seven years ago to create a fact-driven world – whether in the meeting room or on the corporate front – by making data and knowledge immediately available to all employees, regardless of their technical capabilities. The solution allows users to simply enter any data-related question into the application's search bar as in a Google search, calculates the answers and displays them in the most appropriate visualization depending on the type of data.

Customer growth

ThoughtSpot numbers more than half of the Fortune 10 companies among its customers, including German companies such as PAYBACK GmbH and Uniper. Companies from the region also use ThoughtSpot to get a quick and easy overview of their company data. This helped ThoughtSpot approach a run rate of $100 million in the first half of the year compared with the previous year and achieve revenue growth of 195%.

 

About ThoughtSpot
The world's most innovative companies use ThoughtSpot to enable every employee – from the C suite to the field – to quickly gain data-driven insights. With ThoughtSpot, users use a simple Google-like search to instantly analyze billions of data rows and artificial intelligence to obtain trusted, relevant insights to answer thousands of questions they might not have thought to ask. ThoughtSpot is easy to use, but powerful enough to handle even the largest and most complex corporate data without compromising speed, security or governance. That is why customers like Walmart, 7-11, BT, Celebrity Cruises, Daimler, De Beers, Hulu, Miami Children's Health System, Nationwide Building Society and Scotiabank have turned to ThoughtSpot to change their decision-making cultures. By making insights part of every conversation and every decision, ThoughtSpot is redefining the role of data in creating a more fact-driven world. Further information is provided atwww.thoughtspot.com.

About Startport
startport GmbH, a subsidiary of Duisburger Hafen, is committed to initiating a creative culture of innovation and actively promoting further development in the logistics and supply chain sector. With this aim in mind, it encourages and challenges young start-ups who, together with duisport and the companies based here, develop forward-looking ideas for the leading logistics hub in the heart of Europe. https://startport.net