Snowflake Cloud Data Warehouse Closes $263 Million in Growth Funding

Snowflake Cloud Data Warehouse Closes $263 Million in Growth Funding Startup TechWire Dave Menzies Editor Publisher
SAN MATEO, Calif. -- 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.


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"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."

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.