Snowflake Computing has closed a $450m growth funding round which was led by Sequoia Capital.
This new funding has established a pre-money valuation for the company at $3.5bn. Participation from the round also came from previous backers Altimeter Capital, Capital One Growth Ventures, ICONIQ Capital, Madrona Venture Group, Redpoint Ventures, Sutter Hill Ventures and Wing Ventures.
First time investor to Snowflake, Meritech Capital also made a contribution.
Snowflake Computing is a data warehouse created for the cloud software, and is used across the financial services, education, healthcare, government and retail industries, among others.
Delivering data-driven customer experiences, while meeting rigorous regulatory data protection standards, is what every sector in financial services strives for.
Snowflake enables users to bring all of their data into Snowflake’s cloud-built data warehouse to achieve a ‘single source of truth’. Users can directly access critical data and analyse, as well as use Snowflake’s zero-copy cloning to deliver consistent reporting without the added cost of duplicate storage. Users can also use Snowflake’s Time Travel to easily reveal discrepancies in critical reports.
Capital from the round will be used for a number of different growth lines, including the expansion of its sales team in the US and across the globe. The company will also expand its multi-cloud strategy, further its data solution development and bolster its data warehouse-as-a-service through stronger engineering team. Its customers include CapSpecialty, Capital One, PennyMac and Bankrate.
Snowflake CEO Bob Muglia said, “Learning to be data-driven is an imperative for every organization today, and a data-driven organization must be in control of its data.
“Snowflake is the most powerful data warehouse in the world for analytics solutions. That power delivers the security, control and business answers needed to enable data-driven organisations.
“This is driving spectacular growth for our company, and this latest funding round will provide Snowflake with the resources we need to serve our rapidly growing set of new and existing customers around the world.”
This is the second investment closed by Snowflake Computing this year, having reportedly closed a $263m investment at the start of the year. The company’s total equity fundraising has reached $923m.
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