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Snowflake Inc.

Topic: Company

 From HandWiki - Reading time: 5 min
Short description: Cloud-based data-warehousing company
Snowflake Inc.
TypePublic company
  • NYSE: SNOW (Class A)
  • Russell 1000 component
FoundedJuly 23, 2012; 11 years ago (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)
Website{{{1}}}
Footnotes / references
Financials (As of January 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. https://www.sec.gov/ix?doc=/Archives/edgar/data/1640147/000164014723000030/snow-20230131.htm. 
  2. ↑ 2.0 2.1 Handy, Alex (October 23, 2014). "Snowflake offers cloud data warehouse as a service, cheaply". SD Times. https://sdtimes.com/amazon-web-services/snowflake-offers-cloud-data-warehouse-service-cheaply/. 
  3. ↑ Wingfield, Nick (October 21, 2014). "Longtime Microsoft Executive Opens Cloud Database Start-Up". The New York Times. https://bits.blogs.nytimes.com/2014/10/21/longtime-microsoft-executive-opens-cloud-database-start-up/. 
  4. ↑ 4.0 4.1 Dignan, Larry (October 22, 2018). "Snowflake raises $450 million in another VC round, valued at $3.5 billion". ZDNet. https://www.zdnet.com/article/snowflake-raises-450-million-in-another-vc-round-valued-at-3-5-billion/. 
  5. ↑ Bass, Dina (October 21, 2014). "Snowflake Takes Aim at Amazon, Hadoop With New Data Service". Bloomberg News. https://www.bloomberg.com/news/articles/2014-10-21/snowflake-takes-aim-at-amazon-hadoop-with-new-data-service. 
  6. ↑ Reckers, Ed (January 14, 2022). "What is the Snowflake Data Platform?". https://www.snaplogic.com/blog/snowflake-data-platform. 
  7. ↑ Brust, Andrew (July 12, 2018). "Snowflake's cloud data warehouse comes to Microsoft Azure". ZDNet. https://www.zdnet.com/article/snowflakes-cloud-data-warehouse-comes-to-microsoft-azure/. 
  8. ↑ 8.0 8.1 Taulli, Tom (June 5, 2019). "Snowflake: The AI Force Multiplier". Forbes. https://www.forbes.com/sites/tomtaulli/2019/06/05/snowflake-the-ai-force-multiplier/amp/. 
  9. ↑ Ichhpurani, Kevin (June 4, 2019). "Announcing Snowflake on Google Cloud Platform". Google Cloud Platform. https://cloudblog.withgoogle.com/products/data-analytics/announcing-snowflake-on-google-cloud-platform/amp/. 
  10. ↑ Brier, Elisabeth; Cai, Kenrick; Jeans, David; Melton, Monica (September 16, 2020). "The Cloud 100 2019". Forbes. https://www.forbes.com/cloud100/. 
  11. ↑ 11.0 11.1 La Monica, Paul R. (September 16, 2020). "Snowflake Shares More than Double. It's the Biggest Software IPO Ever". CNN (New York). https://www.cnn.com/2020/09/16/investing/snowflake-ipo/index.html. 
  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. https://www.linkedin.com/pulse/youre-never-too-old-excel-how-snowflake-thrives-dinosaur-anders. 
  13. ↑ Vanian, Jonathan (October 21, 2014). "With $26M, Snowflake Computing is hoping its take on data warehousing will hit the mainstream". Gigaom. https://gigaom.com/2014/10/21/with-26m-snowflake-computing-is-hoping-its-take-on-data-warehousing-will-hit-the-mainstream/. 
  14. ↑ Vanian, Jonathan (June 23, 2015). "This big data startup is as unique as a snowflake". Fortune. https://fortune.com/2015/06/23/big-data-startup-snowflake/. 
  15. ↑ Hesseldahl, Arik (June 23, 2015). "Big Data Startup Snowflake Raises $45 Million, Launches First Product". Vox Media. https://www.vox.com/2015/6/23/11563788/big-data-startup-snowflake-raises-45-million-launches-first-product. 
  16. ↑ Brust, Andrew (June 26, 2015). "Cloud data warehouse race heats up". ZDNet. http://www.zdnet.com/article/cloud-data-warehouse-race-heats-up/. 
  17. ↑ Dignan, Larry (April 5, 2017). "Snowflake Computing raises $100 million to expand cloud data warehouse footprint". ZDNet. http://www.zdnet.com/article/snowflake-computing-raises-100-million-to-expand-cloud-data-warehouse-footprint/. 
  18. ↑ Magistretti, Bérénice; Novet, Jordan (April 5, 2017). "Cloud data warehouse startup Snowflake raises $100 million led by Iconiq". VentureBeat. https://venturebeat.com/2017/04/05/cloud-data-warehouse-startup-snowflake-raises-100-million-led-by-iconiq/. 
  19. ↑ Miller, Ron (January 25, 2018). "Snowflake lands massive $263 million investment on unicorn valuation". TechCrunch. https://techcrunch.com/2018/01/25/snowflake-lands-263-million-investment-on-unicorn-valuation/. 
  20. ↑ Krazit, Tom (October 11, 2018). "With huge new $450M funding round, Snowflake Computing has now raised almost $1 billion". GeekWire. https://www.geekwire.com/2018/huge-new-450m-funding-round-snowflake-computing-now-raised-almost-1-billion/. 
  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. https://www.linkedin.com/pulse/linkedin-top-startups-2019-50-hottest-us-companies-work-jessi-hempel. 
  23. ↑ Miller, Ron (February 9, 2020). "After $479M round on $12.4B valuation, Snowflake CEO says IPO is next step". TechCrunch. https://techcrunch.com/2020/02/09/after-479m-round-on-12-4b-valuation-snowflake-ceo-says-ipo-is-next-step/. 
  24. ↑ Driebusch, Corrie (September 16, 2020). "Snowflake's Stock Price Soars in IPO". The Wall Street Journal. https://www.wsj.com/articles/snowflakes-shares-soar-in-ipo-11600275246. 
  25. ↑ Bary, Emily (September 16, 2020). "Snowflake IPO surge makes it the priciest tech stock by a mile". MarketWatch. https://www.marketwatch.com/story/snowflake-ipo-surge-makes-it-the-priciest-tech-stock-by-a-mile-11600294394. 
  26. ↑ Zara, Christopher (September 16, 2020). "Snowflake, JFrog IPO: Software stocks soar in market debut". Fast Company. https://www.fastcompany.com/90551402/its-snowing-on-the-nyse-and-raining-frogs-on-the-nasdaq. 
  27. ↑ Pressman, Aaron (September 16, 2020). "Snowflake CEO: Doubling of stock price after IPO reflects 'frothy' market". Fortune. https://fortune.com/2020/09/16/snowflake-ceo-doubling-of-stock-price-after-ipo-reflects-frothy-market/. 
  28. ↑ Levy, Ari (May 26, 2021). "Snowflake relocates executive office from California to Bozeman, Montana, as company goes distributed". https://www.cnbc.com/2021/05/26/snowflake-moves-executive-office-from-california-to-bozeman-montana.html. 
  29. ↑ "Snowflake Reports Financial Results for the First Quarter of Fiscal 2022" (Press release). Snowflake Inc. May 26, 2021.
  30. ↑ Miller, Ron (2022-03-02). "Snowflake acquires Streamlit for $800M to help customers build data-based apps" (in en-US). https://techcrunch.com/2022/03/02/snowflake-acquires-streamlit-for-800m-to-help-customers-build-data-based-apps/. 
  31. ↑ Sharma, Shubham (October 17, 2022). "Snowflake acquires stake in OpenAP to set up data clean room for advertisers". https://venturebeat.com/data-infrastructure/snowflake-acquires-stake-in-openap-to-set-up-data-clean-room-for-advertisers/. 
  32. ↑ Palmer, Annie (May 24, 2023). "Snowflake shares plunge 12% on guidance miss, acquisition of search startup Neeva". https://www.cnbc.com/2023/05/24/snowflake-snow-earnings-q1-2024.html. 
  33. ↑ "Snowflake to acquire Ponder, expanding its Python capabilities for enterprises" (in en-US). 2023-10-23. https://venturebeat.com/data-infrastructure/snowflake-to-acquire-ponder-expanding-its-python-capabilities-for-enterprises/. 

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