Snowflake Announces $45M in Funding
SAN MATEO, Calif., June 23 — Snowflake Computing, the cloud data warehousing company, today announced that it has closed $45 million in Series C funding led by global investment firm Altimeter Capital and joined by existing investors Redpoint Ventures, Sutter Hill Ventures and Wing Ventures.
“Data warehousing is ripe for disruptive innovation driven by the shift to cloud computing and the explosion of customer interest in data insights,” said Bob Muglia, CEO of Snowflake. “The overwhelmingly positive market reception to the Snowflake Elastic Data Warehouse has validated our vision of reimagining the data warehouse for the cloud era with a completely new product built from the cloud up that doesn’t require retooling and retraining. This funding will support further innovation made possible by the product’s unique architecture, as well as accelerate our customer and revenue growth.”
Altimeter Capital, which led the Series C funding round, is a global investment firm that manages both public and private equity funds focused on the internet, software, travel and consumer sectors. Altimeter has a track record of investments in successful software-as-a-service and data analytics solutions including MongoDB, HubSpot, Okta and Duetto. Redpoint Ventures, Sutter Hill Ventures and Wing Ventures also participated in this funding round, bringing the total amount of funding raised by Snowflake to date to $71 million.
“The cloud is reshaping the enterprise software landscape,” said Kevin Wang, partner at Altimeter Capital. “Snowflake is breathing new life into the data warehousing market by delivering cloud-based innovation with a world-class team, ambitious vision and differentiated product. This is a transformative company, and we’re excited to support Snowflake as they reshape the data warehousing and data analytics markets.”
In addition to funding, today Snowflake also announced general availability of the Snowflake Elastic Data Warehouse, the first data warehouse designed specifically for the cloud. The Snowflake Elastic Data Warehouse is built on a unique architecture that delivers the power of data warehousing, the flexibility of big data platforms and the elasticity of the cloud — at a fraction of the cost of other solutions.
Snowflake Computing, the cloud data warehousing company, has reinvented the data warehouse for the cloud and today’s data. The Snowflake Elastic Data Warehouse is built from the cloud up with a patent-pending new architecture that delivers 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. The company is backed by leading investors including Altimeter Capital, Redpoint Ventures, Sutter Hill Ventures and Wing Ventures. Snowflake is headquartered in Silicon Valley and can be found online at snowflake.net.