Thursday, 11 October 2018 23:14

Snowflake attracts US$450m investment

By
Snowflake CEO Bob Muglia Snowflake CEO Bob Muglia

Cloud data warehouse vendor Snowflake Computing has closed a US$450 million funding round.

Snowflake's second funding round was led by Sequoia Capital, but Snowflake's other existing investors — Altimeter Capital, Capital One Growth Ventures, Iconiq Capital, Madrona Venture Group, Redpoint Ventures, Sutter Hill Ventures and Wing Ventures — participated, as did new investor Meritech Capital.

The new funding gave Snowflake a pre-money valuation of US$3.5 billion.

Snowflake has more than 1000 active customers, and this year attracted Netflix, Office Depot, Netgear and Yamaha.

The company recently announced the availability of Snowflake on Microsoft Azure as an addition to its original home (AWS).

"Learning to be data-driven is an imperative for every organisation today, and a data-driven organisation must be in control of its data," said Snowflake chief executive Bob Muglia.

"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 organisations. 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."

The capital injected into the company will be used to continue the expansion of the multi-cloud strategy, expand its salesforce, add to the engineering team, and expand its track record of innovation.

"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," Sequoia partner Carl Eschenbach said.

"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."


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Stephen Withers

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Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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