Cloud data platform Snowflake has upped its valuation to a colossal $12.4bn, putting it into the decacon category.
The increased valuation comes after it closed a $479m funding round which was led by first-time backers Dragoneer Investment Group and Salesforce Ventures. Previous Snowflake investors, Altimeter Capital, ICONIQ Capital, Madrona Venture Group, Redpoint Ventures, Sequoia, and Sutter Hill Ventures, also contributed to the round.
In addition to the investment, Snowflake established a strategic partnership with Salesforce to boost its market position and increase the growth of its cloud data platform.
Launched in 2015, Snowflake offers a cloud data platform for accelerated analytics, data warehousing and other services, giving businesses access to their entire data network.
The service is used by financial services, education, technology, retail, media, entertainment, healthcare and government industries.
Financial services leverage Snowflake to centralize their data into a single location, improve data storage and meet regulatory requirements for data.
Dragoneer founder and managing partner Marc Stad said, “Snowflake’s rapid growth and ability to unlock real value for customers have been impressive.
“We are confident Snowflake’s innovative and evolving technology, and its customer-first approach, will continue to drive sustainable momentum over the long-term.”
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