Snowflake Inc.
TypePublic company
FoundedJuly 23, 2012 (2012-07-23)
Founders
  • Benoît Dageville
  • Thierry Cruanes
  • Marcin Żukowski
HeadquartersBozeman, Montana, U.S.
Key people
Frank Slootman, Chairperson & CEO
Benoît Dageville, President
Thierry Cruanes, CTO
ServicesCloud Data Platform
RevenueIncrease US$2.067 billion (2023)
Decrease US$−842 million (2023)
Decrease US$−797 million (2023)
Total assetsIncrease US$7.722 billion (2023)
Total equityIncrease US$5.456 billion (2023)
Number of employees
5,884 (2023)
Websitewww.snowflake.com
Footnotes / references
Financials as of January 31, 2023[1]

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.[2][3]

The firm offers a cloud-based data storage and analytics service, generally termed "data-as-a-service".[4][5] 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 scale with its enterprise customers.[6] It has run on Amazon S3 since 2014,[2] on Microsoft Azure since 2018[7] and on the Google Cloud Platform since 2019.[8][9] The company was ranked first on the Forbes Cloud 100 in 2019.[10] The company's initial public offering raised $3.4 billion in September 2020, one of the largest software IPOs in history.[11]

History

Snowflake booth

Snowflake Inc. was founded in July 2012 in San Mateo, California by three data warehousing experts: Benoît 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.[12]

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.[13] In June 2015, the company raised an additional $45 million and launched its first product, its cloud data warehouse, to the public.[14][15][16] It raised another $100 million in April 2017.[17][18] In January 2018, the company announced a $263 million financing round at a $1.5 billion valuation, making it a unicorn.[19] In October 2018, it raised another $450 million in a round led by Sequoia Capital, raising its valuation to $3.5 billion.[4][20]

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.[21] In September 2019, it was ranked first on LinkedIn's 2019 U.S. list of Top Startups.[22]

On February 7, 2020, the company raised another $479 million. At that time, it had 3,400 active customers.[23] 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.[11][24][25][26][27]

On May 26, 2021, the company announced that it would become headquarterless,[28] with a principal executive office located in Bozeman, Montana.[29]

On March 2, 2022, the company acquired Streamlit for $800 million. [30] Then on October 17, 2022, the company announced an investment in advanced TV advertising firm OpenAP.[31]

Snowflake announced it would acquire privacy-focused search startup Neeva in May 2023.[32]

On October 23, 2023, Snowflake acquired a start-up named Ponder to expand its Python capabilities for enterprises.[33]

References

  1. ↑ "US SEC: Form 10-K Snowflake, Inc". U.S. Securities and Exchange Commission. March 29, 2023.
  2. 1 2 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. Retrieved June 6, 2023.
  4. 1 2 Dignan, Larry (October 22, 2018). "Snowflake raises $450 million in another VC round, valued at $3.5 billion". ZDNet.
  5. ↑ Bass, Dina (October 21, 2014). "Snowflake Takes Aim at Amazon, Hadoop With New Data Service". Bloomberg News.
  6. ↑ Reckers, Ed (January 14, 2022). "What is the Snowflake Data Platform?". SnapLogic. Retrieved October 22, 2022.
  7. ↑ Brust, Andrew (July 12, 2018). "Snowflake's cloud data warehouse comes to Microsoft Azure". ZDNet.
  8. 1 2 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. ↑ Brier, Elisabeth; Cai, Kenrick; Jeans, David; Melton, Monica (September 16, 2020). Konrad, Alex (ed.). "The Cloud 100 2019". Forbes.
  11. 1 2 La Monica, Paul R. (September 16, 2020). "Snowflake Shares More than Double. It's the Biggest Software IPO Ever". CNN. New York. Retrieved June 6, 2023.
  12. ↑ 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.
  13. ↑ Vanian, Jonathan (October 21, 2014). "With $26M, Snowflake Computing is hoping its take on data warehousing will hit the mainstream". Gigaom.
  14. ↑ Vanian, Jonathan (June 23, 2015). "This big data startup is as unique as a snowflake". Fortune.
  15. ↑ Hesseldahl, Arik (June 23, 2015). "Big Data Startup Snowflake Raises $45 Million, Launches First Product". Vox Media.
  16. ↑ Brust, Andrew (June 26, 2015). "Cloud data warehouse race heats up". ZDNet.
  17. ↑ Dignan, Larry (April 5, 2017). "Snowflake Computing raises $100 million to expand cloud data warehouse footprint". ZDNet.
  18. ↑ Magistretti, Bérénice; Novet, Jordan (April 5, 2017). "Cloud data warehouse startup Snowflake raises $100 million led by Iconiq". VentureBeat.
  19. ↑ Miller, Ron (January 25, 2018). "Snowflake lands massive $263 million investment on unicorn valuation". TechCrunch.
  20. ↑ Krazit, Tom (October 11, 2018). "With huge new $450M funding round, Snowflake Computing has now raised almost $1 billion". GeekWire.
  21. ↑ "Snowflake Announces Data Exchange to Break Down Data Barriers" (Press release). PR Newswire. Snowflake Inc. June 4, 2019.
  22. ↑ Hempel, Jessi (September 4, 2019). "LinkedIn Top Startups 2019: The 50 hottest U.S. companies to work for now". LinkedIn.
  23. ↑ Miller, Ron (February 9, 2020). "After $479M round on $12.4B valuation, Snowflake CEO says IPO is next step". TechCrunch.
  24. ↑ Driebusch, Corrie (September 16, 2020). "Snowflake's Stock Price Soars in IPO". The Wall Street Journal.
  25. ↑ Bary, Emily (September 16, 2020). "Snowflake IPO surge makes it the priciest tech stock by a mile". MarketWatch.
  26. ↑ Zara, Christopher (September 16, 2020). "Snowflake, JFrog IPO: Software stocks soar in market debut". Fast Company.
  27. ↑ Pressman, Aaron (September 16, 2020). "Snowflake CEO: Doubling of stock price after IPO reflects 'frothy' market". Fortune.
  28. ↑ Levy, Ari (May 26, 2021). "Snowflake relocates executive office from California to Bozeman, Montana, as company goes distributed". CNBC. Retrieved March 3, 2022.
  29. ↑ "Snowflake Reports Financial Results for the First Quarter of Fiscal 2022" (Press release). Snowflake Inc. May 26, 2021.
  30. ↑ Miller, Ron (March 2, 2022). "Snowflake acquires Streamlit for $800M to help customers build data-based apps". TechCrunch. Retrieved July 24, 2023.
  31. ↑ Sharma, Shubham (October 17, 2022). "Snowflake acquires stake in OpenAP to set up data clean room for advertisers". VentureBeat. Retrieved October 19, 2022.
  32. ↑ Palmer, Annie (May 24, 2023). "Snowflake shares plunge 12% on guidance miss, acquisition of search startup Neeva". CNBC.
  33. ↑ "Snowflake to acquire Ponder, expanding its Python capabilities for enterprises". VentureBeat. October 23, 2023. Retrieved October 24, 2023.
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