Snowflake Closes $263 Million in Growth Funding to Enable Data Economy

SAN MATEO, Calif., Jan. 25, 2018 /PRNewswire/ -- Snowflake Computing, the only data warehouse built for the cloud, today announced it has closed $263 million in growth funding led by ICONIQ Capital, Altimeter Capital and newcomer Sequoia Capital. Snowflake's latest round also includes the remainder of Snowflake's existing funding partners: Capital One Growth Ventures, Madrona Venture Group, Redpoint Ventures, Sutter Hill Ventures and Wing Ventures. With this round of funding, Snowflake's pre-money valuation is $1.5 billion. Since its founding in 2012, Snowflake has raised a total of $473 million in growth funding.

Snowflake continues to experience rapid growth thanks to its innovative cloud data warehouse that far surpasses the capabilities of legacy competitors. But the data warehouse was just the beginning. Snowflake continues to evolve what's possible with data analytics, enabling enterprises to easily access critical data within their ecosystems and beyond. In the past year, Snowflake grew its customer base by 300 percent and has increased customer data stored in Snowflake four-fold.

"Data is the currency of today's economy and the data warehouse is the engine of that economy," Snowflake CEO, Bob Muglia said. "But legacy technologies still hinder organizations from becoming modern, data-driven enterprises. Snowflake's vision, which began with the data warehouse built for the cloud, has gained significant traction with enterprises across dozens of industries. Today's announcement further validates Snowflake's continued mission to enable a true data economy by removing the barriers that prevent enterprises from easily acquiring insight from all their data no matter where that data resides."

Today's funding will help Snowflake execute new and existing strategies, such as:

• Doubling down on R&D by growing Snowflake's world-class engineering team, located at the company's San Mateo, Calif., headquarters in the heart of Silicon Valley and its newest engineering office in Bellevue, Wash.
• Expanding current operations across North America, EU and Asia Pacific regions to address the global surge in demand for Snowflake's data-warehouse-as-a-service, which is now available across four AWS deployment zones.
• Continuing to deliver new innovations such as The Data Sharehouse™, which further expands Snowflake's lead over legacy cloud and on-premises solutions, while transforming what a cloud-built data warehouse can achieve by enabling live global data sharing and a true data economy.

"Similar to how Salesforce disrupted the CRM industry nearly 20 years ago, Snowflake is disrupting the data analytics market and leading the way in the modern data economy," Sequoia Capital Partner Pat Grady said. "Every company today needs a strategy for managing data in the cloud, and as IoT has ushered in a new era of complexity, Snowflake is helping enterprises gain the most value from their data."

For more information about what Snowflake's funding announcement means to its customers, and the industry, view Bob Muglia's blog.

For more details about Snowflake's latest achievements over the past financial year, which closes on January 31, read below:

Corporate momentum

• Secured $105 million in Series D funding with new and existing venture partners.
• Expanded US engineering operations with an office in Bellevue, Wash. – Snowflake's second location after its headquarters in Silicon Valley.
• Opened offices in the U.K., France and Australia and expanded those teams based on demand for Snowflake worldwide.
• Featured in prominent business lists, including the Forbes 2017 Cloud 100 list, LinkedIn's 50 Top Startups and Business Insider's 51 enterprise startups to bet your career on in 2018.

Product innovation

• Introduced Snowpipe, a continuous, straightforward and cost-effective service to load data into Snowflake.
• Announced the Data Sharehouse™, enabling direct and secure sharing of live data between enterprises, transforming how they use data as business assets.
• Launched Virtual Private Snowflake, the ideal solution for industries such as financial services that require the highest level of security when deriving insight from their data.
• Announced support for AWS PrivateLink, allowing any Snowflake customer to securely connect to their Snowflake instance without traversing the Internet.
• Introduced Instant Elasticity, allowing customers to define their service level agreement, while providing an unlimited number of users with consistent performance, per-second pricing and no overbuy.
• Expanded Snowflake's availability to four AWS regions: US West (Oregon), US East (Northern Virginia), EU (Frankfurt) and Asia Pacific (Sydney).

Customer acquisition

• Grew customer base by 300 percent and added notable customers, including Capital One, Lionsgate, Nielsen and Overstock.com.
• Increased customer growth across key industries, including: technology (325 percent), telecommunications (300 percent), finance (260 percent), advertising (225 percent) and healthcare (214 percent).

Ecosystem expansion

• Teamed up with AWS, Looker, Talend and WhereScape to launch the Cloud Analytics Academy – a training and certification program for data professionals who want to advance their skills for the technology and business demands of today's data analytics.
• Added new strategic partnerships with Alteryx, Cognizant, Informatica, Matillion, Sirius, Slalom, Talend, Virtusa and Wipro Limited.
• Partnered with Tableau, Wipro, Talend and Looker to launch the 2018 Cloud Analytics World Tour, spanning three continents and 14 cities, with live events that have already attracted more than 2,000 registrants.

Resources

• Snowflake Computing: snowflake.net
• Snowflake Twitter: twitter.com/SnowflakeDB
• LinkedIn: linkedin.com/company/snowflake-computing
• YouTube: https://www.youtube.com/user/snowflakecomputing
• Google+: http://goo.gl/WQbQp2
• Snowflake is hiring: http://www.snowflake.net/about/careers/

About Snowflake Computing
Snowflake Computing is the only data warehouse built for the cloud. Snowflake delivers the performance, concurrency and simplicity needed to store and analyze all of an organization's data in one location. Snowflake's technology combines the power of data warehousing, the flexibility of big data platforms and the elasticity of the cloud at a fraction of the cost of traditional solutions. Snowflake: Your data, no limits. Find out more at snowflake.net.

SOURCE Snowflake Computing

Related Links

http://www.snowflake.net