AAA Snowflake lands on $105m series D

Snowflake lands on $105m series D

US-based cloud data storage technology developer Snowflake Computing yesterday closed a $105m series D round following a $5m extension provided by financial services firm Capital One.

The corporate supplied the cash through its corporate venturing subsidiary Capital One Growth Ventures.

Snowflake had raised the initial tranche in April 2017, led by Iconiq Capital with participation from Madrona Venture Group, Altimeter Capital, Redpoint Ventures, Sutter Hill Ventures and Wing Ventures.

Founded in 2012, Snowflake’s technology enables data warehousing, a core part of business intelligence processes that includes reporting and data analytics, for the cloud.

Concurrent with the funding, the company also launched a dedicated offering of its product for the financial services industry, called Virtual Private Snowflake (VPS), that ensures regulatory compliance. Capital One is the first customer of this platform, having been using it since July.

The series D extension is expected to drive market adoption of VPS.

Snowflake has now raised a total of $210m in equity funding.

Venkatesh Seetharam, partner at Capital One Growth Ventures, said: “Capital One has always been a data-driven company, and we are now an industry leader in adopting new cloud technology.

“With Snowflake’s unique and forward-thinking data warehouse solution, Capital One and other large enterprises are equipped to deliver even better user experiences for customers.

“We look forward to continuing our partnership with Snowflake as an investor, and being part of the company’s ongoing innovation and evolution of the cloud industry.”

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