Snowflake receives unicorn valuation
The Silicon Valley has just produced its next Unicorn: Snowflake Computing. In January, the firm received a $263 Mio. investment from an investor consortium comprised of Altimeter Capital, ICONIQ Capital and Sequoia Capital. With this, Snowflake was able to collect $473 Mio. over the past six years. It is currently valued at $1.5 billion.
The company’s technology, facilitating data warehouses in the cloud, is highly topical, as more and more firms decide to migrate their data to the cloud. To CEO Bob Muglia however, the firm’s technology may not only provide a data management platform to its customers but also enable other companies to build business on the data warehouse. Muglia expects Snowflake to continue its growth, tripling revenue every year investors were interested in it. Today, the company serves over 1000 customers and targets to double that number in the next year. The firm also wants to raise its number of employees to 600 from current 330.
With the recent developments, Snowflake’s future seems to be set – Muglia stated that the investment in the late stage venture probably was the last round before its IPO. With the money collected, Snowflake will compete against some of the largest companies in the world: Amazon, Google, Microsoft and Oracle.