Through this additional funding, Snowflake entered into a strategic partnership with Salesforce and is expected to strengthen its market position and accelerate its drive as a leading cloud data platform.
FREMONT, CA: Snowflake Inc., a cloud-based data-warehousing startup raised $479 million in an additional growth funding co-led by new investors Salesforce Ventures and Dragoneer Investment Group. Existing investors of Snowflake including Madrona Venture Group, Sequoia, Sutter Hill Ventures, Altimeter Capital, ICONIQ Capital, and Redpoint Ventures, have also participated in the round. The additional growth funding raised Snowflake's total valuation to over $12.4 billion. Through this additional funding, Snowflake entered into a strategic partnership with Salesforce and is expected to strengthen its market position and accelerate its drive as a leading cloud data platform.
"We look forward to Dragoneer's experience and insights as we continue to serve our customers and grow our business," Snowflake CEO, Frank Slootman said. "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."
Snowflake will announce the details of the partnership with Salesforce in its annual user conference, Snowflake Summit, which is scheduled to take place at the Aria Resort in Las Vegas, from June 1-4, 2020.
Snowflake has tremendously increased its customer base and earned the trust of more than 3,400 customers since its general release in mid-2015. CONA Services, ConAgra Foods, Domino's Pizza Enterprises Limited, Accor, Brex, JetBlue, and Nationwide are some of the recent customers of Snowflake.
"Snowflake's rapid growth and ability to unlock real value for customers have been impressive," said Marc Stad, Founder and Managing Partner of Dragoneer. "We are confident Snowflake's innovative and evolving technology, and its customer-first approach, will continue to drive sustainable momentum over the long-term."
The cloud data platform of Snowflake breaks the barriers that have prevented organizations from unleashing the true value from their data. Snowflake is the choice of more than 2,000 customers who deploy it to promote their businesses beyond what was once possible by deriving all the insights from all their data by all their business users. Snowflake provides organizations with a single, integrated platform that offers a warehouse of data for the cloud, i.e., secure, instant, and governed access to the entire network of data.
See Also :- Top Cloud Consulting/Services Companies