Snowflake Computing, a cloud data warehousing startup that’s coming out of stealth mode with intentions to disrupt the data warehousing market, has secured $26 million in Series B funding from prominent venture capital firms Redpoint Ventures, Sutter Hill Ventures and Wing Ventures, to do just that.
The total investment has now reached about $50 million since their seed and Series A funding. John Walecka, founding partner of Redpoint Ventures will join the SnowFlake board. Team expansion to accelerate product development and customer and partner ecosystems creation remain on the cards.
“There has been shockingly little innovation in data warehousing in a decade. That creates a huge and largely unaddressed market opportunity—to create a data warehouse designed for the data, analytics, and technology innovations of today and tomorrow,” explains Bob Muglia, former Microsoft executive and CEO of Snowflake.
“The venture capital we’ve attracted underscores that investors see the same opportunity, and demonstrates their confidence in the work done over the last two years by Snowflake’s world-class team. This funding will further accelerate our product innovation and support our go-to-market strategy and investments,” he added.
On Tuesday, the company also announced the Snowflake Elastic Data Warehouse, a completely new data warehouse built from the ground up as a cloud service. With an innovative architecture uniquely able to bring together all users, all data and all workloads in a single SQL data warehouse, Snowflake’s patent-pending new architecture delivers the power of SQL data warehousing, the flexibility of big data platforms and the elasticity of the cloud—at a 90 percent lower cost than on-premises data warehouses, reports their news release.
Although its cloud based database uses AWS at its core, the startup intends to add more compatibility with Microsoft’s Azure and the Google Cloud, which Muglia said he expects to see growing more within the next two years, GigaOm reports.
Current customers of the San Mateo, California-based firm include Adobe, CondeNast and White Ops.
Read more here
(Image Credit: Bob Jagendorf)
Leave a Reply