This isn’t the only tool that mines Google Autocomplete. There’s also, but this tool restricts results to ~700 keywords (more are available for “pro” members). Infinite Suggest is another alternative, but despite the name, I’ve found that it still doesn’t find anywhere near the number of keywords that Keyword Shitter finds. And there are tons of other Google Autocomplete miners too. Just Google “google auto suggest tool” for more. There’s also this tool from SEOChat which mines autocomplete suggestions from Google, Bing, Amazon, and YouTube.
In Keyword Planner, formerly known as the Keyword Tool, you can get search volume and traffic estimates for keywords you're considering. Unfortunately, when Google transitioned from Keyword Tool to Keyword Planner, they stripped out a lot of the more interesting functionality. But you can make up for it a bit if you take the information you learn from Keyword Planner and use Google Trends to fill in some blanks.
As for the history of the company, as I explained, I created Long Tail Pro back in 2011.  At the time, I was creating tons of niche sites and was doing alot of keyword research and content creation.  I was trying to figure out what types of keywords would rank quickly in the search engines, specifically Google, and I was frustrated with the other keyword research tools (in particular Market Samurai) out there.