Snowflake Inc.
Company type | Public |
---|---|
| |
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] |
Snowflake Inc. is an American cloud-based data storage company. Headquartered in Bozeman, Montana, it operates a platform that allows for data analysis and simultaneous access of data sets with minimal latency.[1] It operates on Amazon Web Services, Microsoft Azure, and Google Cloud Platform. As of November 2024, the company had 10,618 customers, including 800+ members of the Forbes Global 2000, and processed 4.2 billion daily queries across its platform.[1]
History
[edit]Snowflake Inc. was founded in July 2012 in San Mateo, California by Benoît Dageville, Thierry Cruanes and Marcin Żukowski. Dageville and Cruanes previously worked as data architects at Oracle Corporation; Żukowski was a co-founder of Vectorwise. Mike Speiser, a venture capitalist at Sutter Hill Ventures, which provided early funding to the company, was the company's first CEO.[2]
In June 2014, Bob Muglia, formerly of Microsoft, was named CEO. In October 2014, Snowflake came out of stealth mode; at that time it was used by 80 organizations.[3][4]
Snowflake has run on Amazon Web Services since 2014,[5][6] on Microsoft Azure since 2018,[7] and on the Google Cloud Platform since 2019.[8][9]
In June 2015, Snowflake launched its first product, its cloud data warehouse.[10]
In May 2019, Frank Slootman, formerly CEO of ServiceNow, joined Snowflake as its CEO.[8]
In June 2019, the company launched Snowflake Data Exchange.[11]
In December 2020, the company added Knoema as a data provider in the Snowflake Data Marketplace.[12]
In May 2021, the company became a distributed 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 Slootman retired as CEO and was replaced by Sridhar Ramaswamy.[15]
2024 data breach
[edit]In 2024, per an investigation by Mandiant, login credentials for Snowflake customer accounts that did not have multi-factor authentication were obtained by an infostealer linked to the UNC5537 threat actor group.[16][17][18][19] Data breaches affected Ticketmaster,[20] Advance Auto Parts,[21] Santander Bank, LendingTree, AT&T,[22] and Bausch Health.[23]
Funding
[edit]In 2012, Snowflake raised $5 million in a Series A round. In October 2014, it raised $26 million.[3]
In June 2015, the company raised $45 million.[24][10][25] It raised $100 million in April 2017.[26][27]
In January 2018, the company raised $263 million at a $1.5 billion valuation, making it a unicorn.[28]
In October 2018, Snowflake raised $450 million in a round led by Sequoia Capital, at a $3.5 billion valuation.[3][29]
On February 7, 2020, the company raised $479 million. At that time, it had 3,400 active customers.[30]
On September 16, 2020, Snowflake became a public company via an initial public offering raising $3.4 billion in one of the largest software IPOs and the largest to double on its first day of trading.[31][32][33][34][35]
Acquisitions
[edit]# | Date | Company | Price | Notes | Ref(s). |
---|---|---|---|---|---|
1 | July 2020 | CryptoNumerics | Undisclosed | Privacy-protected datasets | [36] |
2 | March 2022 | Streamlit | $800 million | Data-based apps | [37] |
3 | September 2022 | Applica | Undisclosed | AI platform for document understanding | [38] |
4 | January 2023 | Mist AI | Undisclosed | Time series forecasting company | [39] |
5 | February 2023 | LeapYear | Undisclosed | Data clean room abilities | [40] |
6 | May 2023 | Neeva | $185 million | Privacy-focused search startup | [41][15] |
7 | October 2023 | Ponder | Undisclosed | Python capabilities | [42] |
8 | May 2024 | TruEra | Undisclosed | AI Observability Platform | [43] |
References
[edit]- ^ a b c "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.
- ^ a b c Dignan, 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.
- ^ a b Taulli, 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).
- ^ a b Hesseldahl, 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.
- ^ a b Vanian, Jonathan (February 28, 2024). "Snowflake says Frank Slootman is retiring as CEO; stock plunges 20%". CNBC.
- ^ "The Snowflake Attack May Be Turning Into One of the Largest Data Breaches Ever". WIRED. June 6, 2024.
- ^ 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.
- ^ 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.:
- 2012 establishments in California
- 2020 initial public offerings
- American companies established in 2012
- Big data companies
- Big data products
- Cloud computing providers
- Cloud databases
- Companies listed on the New York Stock Exchange
- Computer companies established in 2012
- Data warehousing products
- Information technology companies of the United States