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Snowflake Computing Continues Meteoric Rise with $263M Venture Funding

Snowflake Computing Continues Meteoric Rise with $263M Venture Funding
Snowflake Computing Continues Meteoric Rise with $263M Venture Funding

Source: Snowflake Computing

Snowflake Computing recently announced that it has closed $263 million in new venture capital. The round was led by ICONIQ Capital, Altimeter Capital, and Sequoia Capital. Snowflake’s newest financial injection comes on the heels of the company’s D round in April 2017. Since its founding in 2012, Snowflake has raised a total of $473 million in growth equity funding.

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Much of the company’s growth is tied to its popular cloud data warehouse. However, the solution provider has also dipped its toes into the expansive data analytics space, providing enterprise companies with access to mission-critical data. According to the company’s release notes, Snowflake grew its customer base by more than 300 percent in 2017.

The funding will allow Snowflake to grow its engineering team and expand operations across North America, EU, and the Asia Pacific regions. Additionally, Snowflake will expend more of its resources into its Data Sharehouse, which enables direct sharing of live data between organizations.

In a blog post entitled Disruption as a Stepping Stone, Snowflake’s CEO Bob Muglia proclaimed: “Snowflake is built to be much more than the disrupter of data warehousing and data analytics. It’s an enabler of something even more important: the data economy, where data is the source of business value. He added: “Snowflake will continue our focus on removing the barriers to data access no matter where that data resides – within the enterprise, between enterprises or in a multitude of locations and computing platforms that span the globe.”

Snowflake was featured in the Forbes’ Cloud 100 List in July, coming in at number 88. The list features prominent technology companies like Dropbox and Slack, and includes organizations from a wide variety of industries.

For more, read the company’s full press release, or check out the CEO’s blog.

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