Snowflake Inc.

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Snowflake Inc.
TypePublic company
FoundedJuly 23, 2012; 12 years ago (2012-07-23)
Founders
  • Benoit Dageville
  • Thierry Cruanes
  • Marcin Żukowski
HeadquartersBozeman, Montana, U.S.
Key people
Frank Slootman, Chairperson & CEO
Benoit Dageville, President
Thierry Cruanes, CTO
ServicesCloud Data Platform
RevenueIncrease US$1.219 billion (2022)
Decrease US$−680 million (2022)
Total assetsIncrease US$6.650 billion (2022)
Total equityIncrease US$5.049 billion (2022)
Number of employees
3,992 (Jan 2022)
Websitesnowflake.com
Footnotes / references
[1][2]

Snowflake Inc. is a cloud computing–based data cloud company based in Bozeman, Montana. It was founded in July 2012 and was publicly launched in October 2014 after two years in stealth mode.[3][4]

The firm offers a cloud-based data storage and analytics service, generally termed "data-as-a-service".[5][6] It allows corporate users to store and analyze data using cloud-based hardware and software. Snowflake services main features are separation of storage and compute, on-the-fly scalable compute, data sharing, data cloning, and third-party tools support in order to handle the demanding needs of growing enterprises.[7] It runs on Amazon S3 since 2014,[3] on Microsoft Azure since 2018[8] and on the Google Cloud Platform since 2019.[9][10] The company was ranked first on the Forbes Cloud 100 in 2019.[11] The company's initial public offering raised $3.4 billion, one of the largest software IPOs in history.[12]

History

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 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, being used by 80 organizations.[14] In June 2015, the company raised an additional $45 million and launched its first product, its cloud data warehouse, to the public.[15][16][17] It raised another $100 million in April 2017.[18][19] In January 2018, the company announced a $263 million financing round at a $1.5 billion valuation, making it a unicorn.[20] In October 2018, it raised another $450 million in a round led by Sequoia Capital, raising its valuation to $3.5 billion.[5][21]

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.[9] In June 2019, the company launched Snowflake Data Exchange.[22] In September 2019, it was ranked first on LinkedIn's 2019 U.S. list of Top Startups.[23]

On February 7, 2020, the company raised another $479 million. At that time, it had 3,400 active customers.[24] On September 16, 2020, Snowflake became a public company via an initial public offering (IPO) raising $3.4 billion, one of the largest software IPOs and the largest to double on its first day of trading.[25][12][26][27][28]

On May 26, 2021, the company announced that it would become headquarterless,[29] with a principal executive office located in Bozeman, Montana.[30]

On October 17, 2022, the company announced an investment in advanced TV advertising firm OpenAP.[31]

References

  1. ^ "Snowflake Reports Financial Results for the Fourth Quarter and Full Year of Fiscal 2022". www.businesswire.com. March 2, 2022. Retrieved March 3, 2022.
  2. ^ "US SEC: Form 10-K Snowflake, Inc". U.S. Securities and Exchange Commission. March 30, 2022.
  3. ^ a b Handy, Alex (October 23, 2014). "Snowflake offers cloud data warehouse as a service, cheaply". SD Times.
  4. ^ Wingfield, Nick (October 21, 2014). "Longtime Microsoft Executive Opens Cloud Database Start-Up". The New York Times.
  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. ^ Reckers, Ed (January 14, 2022). "What is the Snowflake Data Platform?". SnapLogic. Retrieved October 22, 2022.
  8. ^ Brust, Andrew (July 12, 2018). "Snowflake's cloud data warehouse comes to Microsoft Azure". ZDNet.
  9. ^ a b Taulli, Tom (June 5, 2019). "Snowflake: The AI Force Multiplier". Forbes.
  10. ^ Ichhpurani, Kevin (June 4, 2019). "Announcing Snowflake on Google Cloud Platform". Google Cloud Platform.
  11. ^ Brier, Elisabeth; Cai, Kenrick; Jeans, David; Melton, Monica (September 16, 2020). Konrad, Alex (ed.). "The Cloud 100 2019". Forbes.
  12. ^ a b La Monica, Paul R. (September 16, 2020). "Snowflake shares more than double. It's the biggest software IPO ever". CNN.
  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. ^ Vanian, Jonathan (October 21, 2014). "With $26M, Snowflake Computing is hoping its take on data warehousing will hit the mainstream". Gigaom.
  15. ^ Vanian, Jonathan (June 23, 2015). "This big data startup is as unique as a snowflake". Fortune.
  16. ^ Hesseldahl, Arik (June 23, 2015). "Big Data Startup Snowflake Raises $45 Million, Launches First Product". Vox Media.
  17. ^ Brust, Andrew (June 26, 2015). "Cloud data warehouse race heats up". ZDNet.
  18. ^ Dignan, Larry (April 5, 2017). "Snowflake Computing raises $100 million to expand cloud data warehouse footprint". ZDNet.
  19. ^ Magistretti, Bérénice; Novet, Jordan (April 5, 2017). "Cloud data warehouse startup Snowflake raises $100 million led by Iconiq". VentureBeat.
  20. ^ Miller, Ron (January 25, 2018). "Snowflake lands massive $263 million investment on unicorn valuation". TechCrunch.
  21. ^ Krazit, Tom (October 11, 2018). "With huge new $450M funding round, Snowflake Computing has now raised almost $1 billion". GeekWire.
  22. ^ "Snowflake Announces Data Exchange to Break Down Data Barriers" (Press release). PR Newswire. Snowflake Inc. June 4, 2019.
  23. ^ Hempel, Jessi (September 4, 2019). "LinkedIn Top Startups 2019: The 50 hottest U.S. companies to work for now". LinkedIn.
  24. ^ Miller, Ron (February 9, 2020). "After $479M round on $12.4B valuation, Snowflake CEO says IPO is next step". TechCrunch.
  25. ^ Driebusch, Corrie (September 16, 2020). "Snowflake's Stock Price Soars in IPO". The Wall Street Journal.
  26. ^ Bary, Emily (September 16, 2020). "Snowflake IPO surge makes it the priciest tech stock by a mile". MarketWatch.
  27. ^ Zara, Christopher (September 16, 2020). "Snowflake, JFrog IPO: Software stocks soar in market debut". Fast Company.
  28. ^ Pressman, Aaron (September 16, 2020). "Snowflake CEO: Doubling of stock price after IPO reflects 'frothy' market". Fortune.
  29. ^ Levy, Ari (May 26, 2021). "Snowflake relocates executive office from California to Bozeman, Montana, as company goes distributed". CNBC. Retrieved March 3, 2022.
  30. ^ "Snowflake Reports Financial Results for the First Quarter of Fiscal 2022" (Press release). Snowflake Inc. May 26, 2021.
  31. ^ Sharma, Shubham (October 17, 2022). "Snowflake acquires stake in OpenAP to set up data clean room for advertisers". VentureBeat. Retrieved October 19, 2022.

External links

  • Official website
  • Business data for Snowflake Inc.: