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Snowflake Snags $479M New Funding to Strengthen Cloud Data Platform

Snowflake Snags $479M New Funding to Strengthen Cloud Data Platform
Snowflake Snags $479M New Funding to Strengthen Cloud Data Platform

Source: Snowflake on YouTube

Snowflake announced today that it raised $479 million in new growth funding, bringing the company’s total earned to $1.4 billion since its founding in 2012. The round was led by new investors Dragoneer Investment Group and Salesforce Ventures and raises the cloud data platform provider’s valuation to $12.4 billion. The injection and partnership with Salesforce will enable Snowflake to strengthen its market position in the data management space.

Our Buyer’s Guide for Data Management Platforms helps you evaluate the best solution for your use case and features profiles of the leading providers, as well as a category overview of the marketplace.

Snowflake offers a cloud data warehouse built atop Amazon Web Services. The solution loads and optimizes data from virtually any source, both structured and unstructured, including JSON, Avro, and XML. Snowflake features broad support for standard SQL, and users can do updates, deletes, analytical functions, transactions, and complex joins as a result. The tool requires zero management and no infrastructure. The columnar database engine uses advanced optimizations to crunch data, process reports, and run analytics.

In a media statement about the news, Snowflake CEO Frank Slootman said: “We look forward to Dragoneer’s experience and insights as we continue to serve our customers and grow our business. We also welcome our partnership with Salesforce and look forward to the positive impact our technologies and services will deliver to our customers and the broader market.”

According to funding data from Crunchbase, this represents Snowflake’s third funding round since January 2018 when the company secured $263 million. Snowflake followed that up with $450 million in additional funding in October.

More details about the Snowflake and Salesforce partnership will be announced at the company’s annual user conference, Snowflake Summit, which will take place in Las Vegas beginning June 1.

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