Snowflake Inc.

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Snowflake Inc. is a cloud computing-based data warehousing company based in San Mateo, California. It was founded in July 2012 and was publicly launched in October 2014 after two years in stealth mode.[2][3] The company's name was chosen as a tribute to the founders' love of winter sports.[4]

Snowflake Inc.
TypePublic company
NYSESNOW
FoundedJuly 23, 2012; 8 years ago (2012-07-23)
FounderBenoit Dageville
Thierry Cruanes
Marcin Żukowski
HeadquartersSan Mateo, California
Key people
Frank Slootman, Chairperson & CEO
Benoit Dageville, President
Thierry Cruanes, CTO
ServicesCloud Data Platform
RevenueIncrease $592 million (2020)
Increase -$539 million (2020)
Total assetsIncrease $5.921 billion (2020)
Total equityIncrease $4.936 billion (2020)
Websitewww.snowflake.com
Footnotes / references
[1]

Snowflake offers a cloud-based data storage and analytics service, generally termed "data warehouse-as-a-service".[5][6] It allows corporate users to store and analyze data using cloud-based hardware and software. Snowflake runs on Amazon S3 since 2014,[2] on Microsoft Azure since 2018[7] and on the Google Cloud Platform since 2019.[8][9] The company is credited with reviving the data warehouse industry by building and perfecting a cloud-based data platform.[10] It was able to separate computer data storage from computing before Google, Amazon, and Microsoft.[11]

The company is ranked first on the Forbes Cloud 100.[12]

HistoryEdit

Snowflake Inc. was founded in July 2012 in San Mateo, California by three data warehousing experts: Benoit Dageville, Thierry Cruanes and Marcin Żukowski. Dageville and Cruanes previously worked as data architects at Oracle Corporation; Żukowski was a co-founder of the Dutch start-up Vectorwise. The company's first CEO was Mike Speiser, a venture capitalist at Sutter Hill Ventures.[13]

In August 2012, it raised a $5 million Series A round led by Sutter Hill Ventures.[14]

In June 2014, the company appointed former Microsoft executive Bob Muglia as CEO. In October 2014, it raised $26 million and came out of stealth mode, with 80 organizations using it at that time.[15]

In June 2015, the company raised an additional $45 million and launched its first product, its cloud data warehouse, to the public.[16][17][18][19]

The company raised $100 million in April 2017.[20][21]

In January 2018, the company announced a $263 million financing round at a $1.5 billion valuation, making it a unicorn.[22]

In October 2018, Snowflake raised another $450 million in a round led by Sequoia Capital, raising its valuation to $3.5 billion.[5][23]

In May 2019, Frank Slootman, the retired former CEO of ServiceNow, joined Snowflake as its CEO and Michael Scarpelli, the former CFO of ServiceNow joined the company as CFO.[8]

In June 2019, the company launched Snowflake Data Exchange.[24]

In September 2019, it was ranked first on LinkedIn's 2019 U.S. list of Top Startups.[25]

On February 7, 2020 the company raised another $479 million in a round led by Dragoneer Investment Group, with participation from Sutter Hill Ventures, Sequoia Capital, Redpoint Ventures, Iconiq and Wing Venture Capital. At that time, it had 3,400 active customers.[26]

On September 16, 2020, Snowflake became a public company via an initial public offering raising $3.4 billion, making it the largest software IPO and the largest IPO to date to double on its first day of trading. Investors included Warren Buffett's Berkshire Hathaway, which invested in its first IPO since Ford Motor Company in 1956.[27][28][29][30][31]

ReferencesEdit

  1. ^ "Snowflake Reports Financial Results for the Fourth Quarter and Full Year of Fiscal 2021". Business Wire. March 3, 2021.
  2. ^ a b Handy, Alex (October 23, 2014). "Snowflake offers cloud data warehouse as a service, cheaply". SD Times.
  3. ^ Wingfield, Nick (October 21, 2014). "Longtime Microsoft Executive Opens Cloud Database Start-Up". The New York Times.
  4. ^ CLANCY, HEATHER (October 21, 2014). "Can these Oracle and Microsoft veterans reinvent the data warehouse?". Fortune.
  5. ^ a b Dignan, Larry (October 22, 2018). "Snowflake raises $450 million in another VC round, valued at $3.5 billion". ZDNet.
  6. ^ Bass, Dina (October 21, 2014). "Snowflake Takes Aim at Amazon, Hadoop With New Data Service". Bloomberg News.
  7. ^ Brust, Andrew (July 12, 2018). "Snowflake's cloud data warehouse comes to Microsoft Azure". ZDNet.
  8. ^ a b Taulli, Tom (June 5, 2019). "Snowflake: The AI Force Multiplier". Forbes.
  9. ^ Ichhpurani, Kevin (June 4, 2019). "Announcing Snowflake on Google Cloud Platform". Google Cloud Platform.
  10. ^ Sloan, Molly (October 28, 2020). "How Snowflake Became a $70 Billion Company with the Largest Software IPO in History". Drift.com.
  11. ^ Gabriele, Mario (September 23, 2020). "Demystifying Snowflake: The Biggest Software IPO in History". Medium.
  12. ^ "The Cloud 100 2019". Forbes.
  13. ^ Anders, George (September 4, 2019). "You're never too old to excel: How Snowflake thrives with 'dinosaur' cofounders and a 60-year-old CEO". LinkedIn.
  14. ^ Kunthara, Sophia (February 10, 2020). "Snowflake Gets $479M, Reaches Decacorn Status With $12.4 Valuation". Crunchbase.
  15. ^ Vanian, Jonathan (October 21, 2014). "With $26M, Snowflake Computing is hoping its take on data warehousing will hit the mainstream". Gigaom.
  16. ^ Vanian, Jonathan (June 23, 2015). "This big data startup is as unique as a snowflake". Fortune.
  17. ^ Hesseldahl, Arik (June 23, 2015). "Big Data Startup Snowflake Raises $45 Million, Launches First Product". Vox Media.
  18. ^ Brust, Andrew (June 26, 2015). "Cloud data warehouse race heats up". ZDNet.
  19. ^ Darfler, Benjamin (July 28, 2015). "Snowflake Announces General Availability of their Cloud Data Warehouse Offering". InfoQ.
  20. ^ Dignan, Larry (April 5, 2017). "Snowflake Computing raises $100 million to expand cloud data warehouse footprint". ZDNet.
  21. ^ Magistretti, Bérénice; Novet, Jordan (April 5, 2017). "Cloud data warehouse startup Snowflake raises $100 million led by Iconiq". VentureBeat.
  22. ^ Miller, Ron (January 25, 2018). "Snowflake lands massive $263 million investment on unicorn valuation". TechCrunch.
  23. ^ "With huge new $450M funding round, Snowflake Computing has now raised almost $1 billion". GeekWire. October 11, 2018.
  24. ^ "Snowflake Announces Data Exchange to Break Down Data Barriers" (Press release). PR Newswire. June 4, 2019.
  25. ^ Hempel, Jessi (September 4, 2019). "LinkedIn Top Startups 2019: The 50 hottest U.S. companies to work for now". LinkedIn.
  26. ^ Miller, Ron (February 9, 2020). "After $479M round on $12.4B valuation, Snowflake CEO says IPO is next step".
  27. ^ Driebusch, Corrie (September 16, 2020). "Snowflake's Stock Price Soars in IPO". The Wall Street Journal.
  28. ^ "Snowflake shares more than double. It's the biggest software IPO ever". CNN. September 16, 2020.
  29. ^ Bary, Emily (September 16, 2020). "Snowflake IPO surge makes it the priciest tech stock by a mile". MarketWatch.
  30. ^ "Snowflake, JFrog IPO: Software stocks soar in market debut". Fast Company. 16 September 2020.
  31. ^ Pressman, Aaron (September 16, 2020). "Snowflake CEO: Doubling of stock price after IPO reflects 'frothy' market". Fortune.

External linksEdit