Snowflake Computing defines itself as “the only data warehouse built for the cloud.” To accelerate the company’s expansion, Snowflake Computing has raised $450 million in additional growth funding led by Sequoia Capital.
Existing investors Altimeter Capital, Capital One Growth Ventures, ICONIQ Capital, Madrona Venture Group, Redpoint Ventures, Sutter Hill Ventures, and Wing Ventures also participated in this round of funding. And new investor Meritech Capital joined this round as well. Snowflake’s pre-money valuation was $3.5 billion and the company raised a total of $923 million thus far.
According to intelligence firm IDC, the data warehouse market is expected to grow by more than 40% from $14 billion last year to $20 billion in 2020. And several global research and market intelligence firms have pointed out that only a small fraction of big data initiatives are successfully deployed to production.
“Learning to be data-driven is an imperative for every organization today, and a data-driven organization must be in control of its data,” Snowflake CEO Bob Muglia said. “Snowflake is the most powerful data warehouse in the world for analytics solutions. That power delivers the security, control and business answers needed to enable data-driven organizations. This is driving spectacular growth for our company, and this latest funding round will provide Snowflake with the resources we need to serve our rapidly growing set of new and existing customers around the world.”
Snowflake Team: Thierry Cruanes (Co-Founder), Bob Muglia (CEO), Benoit Dageville (Co-Founder), Marcin Zukowski (Co-Founder)
With Snowflake’s cloud-built data warehouse, enterprises are able to gain insights from all of their data quickly and at the fraction of the cost from legacy solutions. Ever since Snowflake provided the general availability of its offerings in mid-2015, the company earned the trust of more than 1,000 active customers and it is continuing to grow rapidly. Some of Snowflake’s new customers in 2018 include Netflix, Office Depot, Netgear, Ebates, Yamaha, and DoorDash. Snowflake also recently announced its availability on Microsoft Azure along with providing continued support for Amazon Web Services (AWS).
“Snowflake is a key enterprise solution for the public cloud. The company’s flexible, cloud-built data warehouse enables customers to quickly derive deep insights from their data without the hassle and costs of other, legacy solutions,” added Sequoia partner Carl Eschenbach. “Snowflake has truly disrupted the data warehouse market but the best is yet to come. We are confident Snowflake’s customer-first approach and focus on innovation will continue to drive the company’s growth.”