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Snowflake Inc.

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Snowflake Inc.
Company typePublic
FoundedJuly 23, 2012; 12 years ago (2012-07-23)
Founders
  • Benoît Dageville
  • Thierry Cruanes
  • Marcin Żukowski
HeadquartersBozeman, Montana, U.S.
Key people
ServicesCloud Data Platform
RevenueIncrease US$2.806 billion (2024)
Decrease US$−1.09 billion (2024)
Decrease US$−836 million (2024)
Total assetsIncrease US$8.223 billion (2024)
Total equityDecrease US$5.180 billion (2024)
Number of employees
7,004 (2024)
Websitewww.snowflake.com Edit this at Wikidata
Footnotes / references
Financials as of January 31, 2024.[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

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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

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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] One Connor Riley Moucka, 25, (alias Waifu of the hacking group "The Comm"), was arrested by Kitchener, Ontario, Canada, police (at the request of the U.S.) on October 30, 2024; a Washington state court has issued an indictment on charges of conspiracy, computer fraud and abuse, extortion, and aggravated identity theft. [24][25][26]

Funding

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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.[27][10][28] It raised $100 million in April 2017.[29][30]

In January 2018, the company raised $263 million at a $1.5 billion valuation, making it a unicorn.[31]

In October 2018, Snowflake raised $450 million in a round led by Sequoia Capital, at a $3.5 billion valuation.[3][32]

On February 7, 2020, the company raised $479 million. At that time, it had 3,400 active customers.[33]

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.[34][35][36][37][38]

Acquisitions

[edit]
# Date Company Price Notes Ref(s).
1 July 2020 CryptoNumerics Undisclosed Privacy-protected datasets [39]
2 March 2022 Streamlit $800 million Data-based apps [40]
3 September 2022 Applica Undisclosed AI platform for document understanding [41]
4 January 2023 Mist AI Undisclosed Time series forecasting company [42]
5 February 2023 LeapYear Undisclosed Data clean room abilities [43]
6 May 2023 Neeva $185 million Privacy-focused search startup [44][15]
7 October 2023 Ponder Undisclosed Python capabilities [45]
8 May 2024 TruEra Undisclosed AI Observability Platform [46]

References

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  1. ^ a b c "US SEC: Form 10-K Snowflake, Inc". U.S. Securities and Exchange Commission. March 26, 2024.
  2. ^ 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.
  3. ^ a b c Dignan, Larry (October 22, 2018). "Snowflake raises $450 million in another VC round, valued at $3.5 billion". ZDNet.
  4. ^ Bass, Dina (October 21, 2014). "Snowflake Takes Aim at Amazon, Hadoop With New Data Service". Bloomberg News.
  5. ^ Handy, Alex (October 23, 2014). "Snowflake offers cloud data warehouse as a service, cheaply". SD Times.
  6. ^ Wingfield, Nick (October 21, 2014). "Longtime Microsoft Executive Opens Cloud Database Start-Up". The New York Times.
  7. ^ Brust, Andrew (July 12, 2018). "Snowflake's cloud data warehouse comes to Microsoft Azure". ZDNet.
  8. ^ a b Taulli, Tom (June 5, 2019). "Snowflake: The AI Force Multiplier". Forbes.
  9. ^ Ichhpurani, Kevin (June 4, 2019). "Announcing Snowflake on Google Cloud Platform". Google Cloud Platform (Press release).
  10. ^ a b Hesseldahl, Arik (June 23, 2015). "Big Data Startup Snowflake Raises $45 Million, Launches First Product". Vox Media.
  11. ^ "Snowflake Announces Data Exchange to Break Down Data Barriers" (Press release). PR Newswire. June 4, 2019.
  12. ^ Gogineni, Manasa (December 21, 2020). "Knoema announces acquisition by Eldridge and partnership with Snowflake". VentureBeat.
  13. ^ Levy, Ari (May 26, 2021). "Snowflake relocates executive office from California to Bozeman, Montana, as company goes distributed". CNBC.
  14. ^ Sharma, Shubham (October 17, 2022). "Snowflake acquires stake in OpenAP to set up data clean room for advertisers". VentureBeat.
  15. ^ a b Vanian, Jonathan (February 28, 2024). "Snowflake says Frank Slootman is retiring as CEO; stock plunges 20%". CNBC.
  16. ^ "The Snowflake Attack May Be Turning Into One of the Largest Data Breaches Ever". WIRED. June 6, 2024.
  17. ^ Whittaker, Zach (June 5, 2024). "Hundreds of Snowflake customer passwords found online are linked to info-stealing malware". TechCrunch.
  18. ^ Gatlan, Sergiu (June 5, 2024). "Advance Auto Parts stolen data for sale after Snowflake attack". Bleeping Computer.
  19. ^ Culafi, Alexander (June 10, 2024). "Mandiant: 'Exposed credentials' led to Snowflake attacks". TechTarget.
  20. ^ Whittaker, Zack (May 31, 2024). "Live Nation confirms Ticketmaster was hacked, says personal information stolen in data breach". TechCrunch.
  21. ^ Grieg, Jonathan (July 11, 2024). "Advance Auto Parts says more than 2 million impacted by data breach". Recorded Future.
  22. ^ Toulas, Bill (July 12, 2024). "Massive AT&T data breach exposes call logs of 109 million customers". BleepingComputer.
  23. ^ Cox, Joseph (July 30, 2024). "Hacker Breaches Pharma Giant Bausch Health, Wants to Extort DEA". 404 Media.
  24. ^ Pender, Terry (November 29, 2024). "Accused Kitchener hacker unmasked after threatening woman online". The Record.
  25. ^ "US indicts Snowflake hackers who extorted $2.5 million from 3 victims". BleepingComputer.
  26. ^ "DocumentCloud". www.documentcloud.org.
  27. ^ Vanian, Jonathan (June 23, 2015). "This big data startup is as unique as a snowflake". Fortune.
  28. ^ Brust, Andrew (June 26, 2015). "Cloud data warehouse race heats up". ZDNet.
  29. ^ Dignan, Larry (April 5, 2017). "Snowflake Computing raises $100 million to expand cloud data warehouse footprint". ZDNet.
  30. ^ Magistretti, Bérénice; Novet, Jordan (April 5, 2017). "Cloud data warehouse startup Snowflake raises $100 million led by Iconiq". VentureBeat.
  31. ^ Miller, Ron (January 25, 2018). "Snowflake lands massive $263 million investment on unicorn valuation". TechCrunch.
  32. ^ Krazit, Tom (October 11, 2018). "With huge new $450M funding round, Snowflake Computing has now raised almost $1 billion". GeekWire.
  33. ^ Miller, Ron (February 9, 2020). "After $479M round on $12.4B valuation, Snowflake CEO says IPO is next step". TechCrunch.
  34. ^ Driebusch, Corrie (September 16, 2020). "Snowflake's Stock Price Soars in IPO". The Wall Street Journal.
  35. ^ Bary, Emily (September 16, 2020). "Snowflake IPO surge makes it the priciest tech stock by a mile". MarketWatch.
  36. ^ Zara, Christopher (September 16, 2020). "Snowflake, JFrog IPO: Software stocks soar in market debut". Fast Company.
  37. ^ Pressman, Aaron (September 16, 2020). "Snowflake CEO: Doubling of stock price after IPO reflects 'frothy' market". Fortune.
  38. ^ La Monica, Paul R. (September 16, 2020). "Snowflake Shares More than Double. It's the Biggest Software IPO Ever". CNN.
  39. ^ "CryptoNumerics in its acquisition by Snowflake". Osler, Hoskin & Harcourt. July 20, 2020.
  40. ^ Miller, Ron (March 2, 2022). "Snowflake acquires Streamlit for $800M to help customers build data-based apps". TechCrunch.
  41. ^ Sharma, Shubham (June 27, 2023). "Snowflake launches LLM-driven Document AI and more at annual conference". VentureBeat.
  42. ^ Sharma, Shubham (January 4, 2023). "Snowflake acquires Myst, looks to build time-series forecasting capabilities". VentureBeat.
  43. ^ Ghoshal, Anirban (January 4, 2023). "Snowflake to acquire LeapYear to boost data clean room abilities". InfoWorld.
  44. ^ Palmer, Annie (May 24, 2023). "Snowflake shares plunge 12% on guidance miss, acquisition of search startup Neeva". CNBC.
  45. ^ Sharma, Shubham (October 23, 2023). "Snowflake to acquire Ponder, expanding its Python capabilities for enterprises". VentureBeat.
  46. ^ 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.
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