Snowflake Inc.

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Snowflake Inc.
TypePublic
NYSE: SNOW
FoundedJuly 23, 2012; 9 years ago (2012-07-23)
FounderBenoit Dageville
Thierry Cruanes
Marcin Żukowski
HeadquartersBozeman, Montana
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 Inc. is a cloud computing-based data warehousing 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 company's name was chosen as a tribute to the founders' love of winter sports.[4]

The firm 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. It 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][better source needed]

The company was ranked first on the Forbes Cloud 100 in 2019.[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, with 80 organizations using it at that time.[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][18] It raised another $100 million in April 2017.[19][20] In January 2018, the company announced a $263 million financing round at a $1.5 billion valuation, making it a unicorn.[21] In October 2018, it raised another $450 million in a round led by Sequoia Capital, raising its valuation to $3.5 billion.[5][22]

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.[23]

In September 2019, it was ranked first on LinkedIn's 2019 U.S. list of Top Startups.[24] On February 7, 2020 it raised another $479 million. At that time, it had 3,400 active customers.[25] On September 16, 2020, Snowflake became a public company via an initial public offering raising $3.4 billion, the largest software IPO and the largest IPO to date to double on its first day of trading.[26][27][28][29][30]

On May 26, 2021, the company announced that it would become headquarterless[citation needed], with a principal executive office located in Bozeman, Montana.[31]

References[]

  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. ^ Brier, Elisabeth; Cai, Kenrick; Jeans, David; Melton, Monica (September 16, 2020). Konrad, Alex (ed.). "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. ^ 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. ^ Darfler, Benjamin (July 28, 2015). "Snowflake Announces General Availability of their Cloud Data Warehouse Offering". InfoQ.
  19. ^ Dignan, Larry (April 5, 2017). "Snowflake Computing raises $100 million to expand cloud data warehouse footprint". ZDNet.
  20. ^ Magistretti, Bérénice; Novet, Jordan (April 5, 2017). "Cloud data warehouse startup Snowflake raises $100 million led by Iconiq". VentureBeat.
  21. ^ Miller, Ron (January 25, 2018). "Snowflake lands massive $263 million investment on unicorn valuation". TechCrunch.
  22. ^ Krazit, Tom (October 11, 2018). "With huge new $450M funding round, Snowflake Computing has now raised almost $1 billion". GeekWire.
  23. ^ "Snowflake Announces Data Exchange to Break Down Data Barriers" (Press release). PR Newswire. Snowflake Inc. June 4, 2019.
  24. ^ Hempel, Jessi (September 4, 2019). "LinkedIn Top Startups 2019: The 50 hottest U.S. companies to work for now". LinkedIn.
  25. ^ Miller, Ron (February 9, 2020). "After $479M round on $12.4B valuation, Snowflake CEO says IPO is next step".
  26. ^ Driebusch, Corrie (September 16, 2020). "Snowflake's Stock Price Soars in IPO". The Wall Street Journal.
  27. ^ La Monica, Paul R. (September 16, 2020). "Snowflake shares more than double. It's the biggest software IPO ever". CNN.
  28. ^ Bary, Emily (September 16, 2020). "Snowflake IPO surge makes it the priciest tech stock by a mile". MarketWatch.
  29. ^ Zara, Christopher (September 16, 2020). "Snowflake, JFrog IPO: Software stocks soar in market debut". Fast Company.
  30. ^ Pressman, Aaron (September 16, 2020). "Snowflake CEO: Doubling of stock price after IPO reflects 'frothy' market". Fortune.
  31. ^ "Snowflake Reports Financial Results for the First Quarter of Fiscal 2022" (Press release). Snowflake hkbhlnixeae Inc. May 26, 2021.

External links[]

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