Snowflake Inc.is an Americancloud-baseddata storagecompany. Headquartered inBozeman, Montana,it operates a platform that allows fordata analysisand simultaneous access ofdata setswith minimallatency.[1]It operates onAmazon Web Services,Microsoft Azure,andGoogle Cloud Platform.As of January 2024, the company had 9,437 customers, including 691 members of theForbes Global 2000,and processed 4.2 billion daily queries across its platform.[1]
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| Company type | Public |
|---|---|
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| Founded | July 23, 2012 |
| Founders |
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| Headquarters | Bozeman, Montana,U.S. |
Key people |
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| Services | Cloud Data Platform |
| Revenue |  US$2.806 billion(2024) |
 US$−1.09 billion(2024) | |
| US$−836 million(2024) | |
| Total assets | US$8.223 billion(2024) |
| Total equity | US$5.180 billion(2024) |
Number of employees | 7,004 (2024) |
| Website | www |
| Footnotes / references Financials as of January 31, 2024[update].[1] | |
History
editSnowflake Inc. was founded in July 2012 inSan Mateo, Californiaby Benoît Dageville, Thierry Cruanes and Marcin Żukowski. Dageville and Cruanes previously worked as data architects atOracle Corporation;Żukowski was a co-founder ofVectorwise.Mike Speiser, a venture capitalist atSutter Hill Ventures,which provided early funding to the company, was the company's first CEO.[2]
In June 2014,Bob Muglia,formerly ofMicrosoft,was named CEO. In October 2014, Snowflake came out ofstealth mode;at that time it was used by 80 organizations.[3][4]
Snowflake has run onAmazon Web Servicessince 2014,[5][6]onMicrosoft Azuresince 2018,[7]and on theGoogle Cloud Platformsince 2019.[8][9]
In June 2015, Snowflake launched its first product, its clouddata warehouse.[10]
In May 2019,Frank Slootman,formerly CEO ofServiceNow,joined Snowflake as its CEO.[8]
In June 2019, the company launched Snowflake Data Exchange.[11]
In December 2020, the company addedKnoemaas a data provider in the Snowflake Data Marketplace.[12]
In May 2021, the company became adistributed company,with a principal executive office in Bozeman, Montana.[13]
In October 2022, the company acquired a 5% stake in advanced TV advertising firm OpenAP.[14]
On February 28, 2024,Frank Slootmanretired as CEO and was replaced bySridhar Ramaswamy.[15]
2024 data breach
editIn 2024, per an investigation byMandiant,login credentials for Snowflake customer accounts that did not havemulti-factor authenticationwere obtained by aninfostealerlinked to the UNC5537threat actorgroup.[16][17][18] [19][20]Data breachesaffectedTicketmaster,[21]Advance Auto Parts,[22]Santander Bank,LendingTree,AT&T,[23]andBausch Health.[24]
Funding
editIn 2012, Snowflake raised $5 million in aSeries A round.In October 2014, it raised $26 million.[3]
In June 2015, the company raised $45 million.[25][10][26]It raised $100 million in April 2017.[27][28]
In January 2018, the company raised $263 million at a $1.5 billion valuation, making it aunicorn.[29]
In October 2018, Snowflake raised $450 million in a round led bySequoia Capital,at a $3.5 billion valuation.[3][30]
On February 7, 2020, the company raised $479 million. At that time, it had 3,400 active customers.[31]
On September 16, 2020, Snowflake became apublic companyvia aninitial public offeringraising $3.4 billion in one of the largest software IPOs and the largest to double on its first day of trading.[32][33][34][35][36]
Acquisitions
edit| # | Date | Company | Price | Notes | Ref(s). |
|---|---|---|---|---|---|
| 1 | July 2020 | CryptoNumerics | Undisclosed | Privacy-protected datasets | [37] |
| 2 | March 2022 | Streamlit | $800 million | Data-based apps | [38] |
| 3 | September 2022 | Applica | Undisclosed | AI platform for document understanding | [39] |
| 4 | January 2023 | Mist AI | Undisclosed | Time seriesforecasting company | [40] |
| 5 | February 2023 | LeapYear | Undisclosed | Data clean room abilities | [41] |
| 6 | May 2023 | Neeva | $185 million | Privacy-focused search startup | [42][15] |
| 7 | October 2023 | Ponder | Undisclosed | Python capabilities | [43] |
| 8 | May 2024 | TruEra | Undisclosed | AI Observability Platform | [44] |
References
edit- ^abc"US SEC: Form 10-K Snowflake, Inc".U.S. Securities and Exchange Commission.March 26, 2024.
- ^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.
- ^abcDignan, Larry (October 22, 2018)."Snowflake raises $450 million in another VC round, valued at $3.5 billion".ZDNet.
- ^Bass, Dina (October 21, 2014)."Snowflake Takes Aim at Amazon, Hadoop With New Data Service".Bloomberg News.
- ^Handy, Alex (October 23, 2014)."Snowflake offers cloud data warehouse as a service, cheaply".SD Times.
- ^Wingfield, Nick (October 21, 2014)."Longtime Microsoft Executive Opens Cloud Database Start-Up".The New York Times.
- ^Brust, Andrew (July 12, 2018)."Snowflake's cloud data warehouse comes to Microsoft Azure".ZDNet.
- ^abTaulli, Tom (June 5, 2019)."Snowflake: The AI Force Multiplier".Forbes.
- ^Ichhpurani, Kevin (June 4, 2019)."Announcing Snowflake on Google Cloud Platform".Google Cloud Platform(Press release).
- ^abHesseldahl, Arik (June 23, 2015)."Big Data Startup Snowflake Raises $45 Million, Launches First Product".Vox Media.
- ^"Snowflake Announces Data Exchange to Break Down Data Barriers"(Press release).PR Newswire.June 4, 2019.
- ^Gogineni, Manasa (December 21, 2020)."Knoema announces acquisition by Eldridge and partnership with Snowflake".VentureBeat.
- ^Levy, Ari (May 26, 2021)."Snowflake relocates executive office from California to Bozeman, Montana, as company goes distributed".CNBC.
- ^Sharma, Shubham (October 17, 2022)."Snowflake acquires stake in OpenAP to set up data clean room for advertisers".VentureBeat.
- ^abVanian, Jonathan (February 28, 2024)."Snowflake says Frank Slootman is retiring as CEO; stock plunges 20%".CNBC.
- ^Nast, Condé (June 6, 2024)."The Snowflake Attack May Be Turning Into One of the Largest Data Breaches Ever".WIRED.
- ^Whittaker, Zach (June 5, 2024)."Hundreds of Snowflake customer passwords found online are linked to info-stealing malware".TechCrunch.
- ^Gatlan, Sergiu (June 5, 2024)."Advance Auto Parts stolen data for sale after Snowflake attack".Bleeping Computer.
- ^Culafi, Alexander (June 10, 2024)."Mandiant: 'Exposed credentials' led to Snowflake attacks".TechTarget.
- ^"UNC5537 Targets Snowflake Customer Instances for Data Theft and Extortion".Google Cloud Platform(Press release). June 10, 2024.
- ^Whittaker, Zack (May 31, 2024)."Live Nation confirms Ticketmaster was hacked, says personal information stolen in data breach".TechCrunch.
- ^Grieg, Jonathan (July 11, 2024)."Advance Auto Parts says more than 2 million impacted by data breach".Recorded Future.
- ^Toulas, Bill (July 12, 2024)."Massive AT&T data breach exposes call logs of 109 million customers".BleepingComputer.
- ^Cox, Joseph (July 30, 2024)."Hacker Breaches Pharma Giant Bausch Health, Wants to Extort DEA".404 Media.
- ^Vanian, Jonathan (June 23, 2015)."This big data startup is as unique as a snowflake".Fortune.
- ^Brust, Andrew (June 26, 2015)."Cloud data warehouse race heats up".ZDNet.
- ^Dignan, Larry (April 5, 2017)."Snowflake Computing raises $100 million to expand cloud data warehouse footprint".ZDNet.
- ^Magistretti, Bérénice; Novet, Jordan (April 5, 2017)."Cloud data warehouse startup Snowflake raises $100 million led by Iconiq".VentureBeat.
- ^Miller, Ron (January 25, 2018)."Snowflake lands massive $263 million investment on unicorn valuation".TechCrunch.
- ^Krazit, Tom (October 11, 2018)."With huge new $450M funding round, Snowflake Computing has now raised almost $1 billion".GeekWire.
- ^Miller, Ron (February 9, 2020)."After $479M round on $12.4B valuation, Snowflake CEO says IPO is next step".TechCrunch.
- ^Driebusch, Corrie (September 16, 2020)."Snowflake's Stock Price Soars in IPO".The Wall Street Journal.
- ^Bary, Emily (September 16, 2020)."Snowflake IPO surge makes it the priciest tech stock by a mile".MarketWatch.
- ^Zara, Christopher (September 16, 2020)."Snowflake, JFrog IPO: Software stocks soar in market debut".Fast Company.
- ^Pressman, Aaron (September 16, 2020)."Snowflake CEO: Doubling of stock price after IPO reflects 'frothy' market".Fortune.
- ^La Monica, Paul R. (September 16, 2020)."Snowflake Shares More than Double. It's the Biggest Software IPO Ever".CNN.
- ^"CryptoNumerics in its acquisition by Snowflake".Osler, Hoskin & Harcourt.July 20, 2020.
- ^Miller, Ron (March 2, 2022)."Snowflake acquires Streamlit for $800M to help customers build data-based apps".TechCrunch.
- ^Sharma, Shubham (June 27, 2023)."Snowflake launches LLM-driven Document AI and more at annual conference".VentureBeat.
- ^Sharma, Shubham (January 4, 2023)."Snowflake acquires Myst, looks to build time-series forecasting capabilities".VentureBeat.
- ^Ghoshal, Anirban (January 4, 2023)."Snowflake to acquire LeapYear to boost data clean room abilities".InfoWorld.
- ^Palmer, Annie (May 24, 2023)."Snowflake shares plunge 12% on guidance miss, acquisition of search startup Neeva".CNBC.
- ^Sharma, Shubham (October 23, 2023)."Snowflake to acquire Ponder, expanding its Python capabilities for enterprises".VentureBeat.
- ^Attariyan, Mona (May 22, 2024)."Snowflake Announces Agreement to Acquire TruEra AI Observability Platform to Bring LLM and ML Observability to the AI Data Cloud".Snowflake Blog.
External links
edit
- Official website
- Business data for Snowflake Inc.: