Jump to content

Snowflake Inc.: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
update financials
→History: Punctuation correction (minor)
 
(40 intermediate revisions by 26 users not shown)
Line 22: Line 22:
}}
}}


'''Snowflake Inc.''' is an American [[cloud computing|cloud-based]] [[data storage]] company. Headquartered in [[Bozeman, Montana]], it operates a platform that allows for [[data analysis]] and simultaneous access of [[data set]]s with minimal [[Latency (engineering)|latency]].<ref name=10K/> 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.<ref name=10K/>
'''Snowflake Inc.''' is an American [[cloud computing]]–based data [[Cloud computing|cloud]] company based in [[Bozeman, Montana]]. It was founded in July 2012 and was publicly launched in October 2014 after two years in [[stealth mode]].<ref name="cheaply">{{cite news | title=Snowflake offers cloud data warehouse as a service, cheaply | url=https://sdtimes.com/amazon-web-services/snowflake-offers-cloud-data-warehouse-service-cheaply/ | first=Alex | last=Handy | newspaper=[[SD Times]] | date=October 23, 2014}}</ref><ref>{{cite news | title=Longtime Microsoft Executive Opens Cloud Database Start-Up | first=Nick | last=Wingfield | url=https://bits.blogs.nytimes.com/2014/10/21/longtime-microsoft-executive-opens-cloud-database-start-up/ |newspaper=[[The New York Times]] |date=October 21, 2014 |url-access=limited |access-date=June 6, 2023 }}</ref>

The firm offers a cloud-based data storage and analytics service, generally termed "data-as-a-service".<ref name="raises" /><ref>{{cite web | last=Bass | first=Dina | title=Snowflake Takes Aim at Amazon, Hadoop With New Data Service | work=[[Bloomberg News]] | date=October 21, 2014 | url=https://www.bloomberg.com/news/articles/2014-10-21/snowflake-takes-aim-at-amazon-hadoop-with-new-data-service | url-access=subscription}}</ref> It allows corporate users to store and analyze data using cloud-based hardware and software. Snowflake services main features are separation of storage and compute, on-the-fly scalable compute, data sharing, data cloning, and third-party tools support in order to scale with its enterprise customers.<ref>{{Cite web |last=Reckers |first=Ed |date=January 14, 2022 |title=What is the Snowflake Data Platform? |url=https://www.snaplogic.com/blog/snowflake-data-platform |access-date=October 22, 2022 |website=SnapLogic }}</ref> It has run on [[Amazon Web Services]] since 2014,<ref name="cheaply" /> on [[Microsoft Azure]] since 2018<ref>{{cite news | last=Brust | first=Andrew | title=Snowflake's cloud data warehouse comes to Microsoft Azure | work=[[ZDNet]] | url=https://www.zdnet.com/article/snowflakes-cloud-data-warehouse-comes-to-microsoft-azure/ | date=July 12, 2018}}</ref> and on the [[Google Cloud Platform]] since 2019.<ref name=aiforce/><ref>{{cite web |last=Ichhpurani |first=Kevin |title=Announcing Snowflake on Google Cloud Platform |work=[[Google Cloud Platform]] |url=https://cloudblog.withgoogle.com/products/data-analytics/announcing-snowflake-on-google-cloud-platform/amp/ |date=June 4, 2019 }}</ref> The company was ranked first on the ''[[Forbes]]'' Cloud 100 in 2019.<ref>{{Cite news | url=https://www.forbes.com/cloud100/ | title=The Cloud 100 2019 | work=[[Forbes]] |date=September 16, 2020 |editor-last=Konrad |editor-first=Alex |last1=Brier |first1=Elisabeth |last2=Cai |first2=Kenrick |last3=Jeans |first3=David |last4=Melton |first4=Monica }}</ref> The company's [[initial public offering]] raised $3.4 billion in September 2020, one of the largest software IPOs in history.<ref name="largest-ipo-cnn">{{Cite news |last=La Monica |first=Paul R. |date=September 16, 2020 |title=Snowflake Shares More than Double. It's the Biggest Software IPO Ever |url=https://www.cnn.com/2020/09/16/investing/snowflake-ipo/index.html |work=[[CNN]] |location=New York |access-date=June 6, 2023 }}</ref>


==History==
==History==
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.<ref>{{cite news | last=Anders | first=George | title=You're never too old to excel: How Snowflake thrives with 'dinosaur' cofounders and a 60-year-old CEO. | work=[[LinkedIn]] | url=https://www.linkedin.com/pulse/youre-never-too-old-excel-how-snowflake-thrives-dinosaur-anders | date=September 4, 2019}}</ref>
[[File:SnowflakeBooth.jpg|thumb|Snowflake booth]]
Snowflake Inc. was founded in July 2012 in [[San Mateo, California]] by three data warehousing experts: Benoît Dageville, Thierry Cruanes and Marcin Żukowski. Dageville and Cruanes previously worked as data architects at [[Oracle Corporation]]; Żukowski was a co-founder of the Dutch start-up [[Vectorwise]]. The company's first CEO was Mike Speiser, a venture capitalist at [[Sutter Hill Ventures]].<ref>{{cite web | last=Anders | first=George | title=You're never too old to excel: How Snowflake thrives with 'dinosaur' cofounders and a 60-year-old CEO. | work=[[LinkedIn]] | url=https://www.linkedin.com/pulse/youre-never-too-old-excel-how-snowflake-thrives-dinosaur-anders | date=September 4, 2019 }}</ref>


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.<ref name=raises/><ref>{{cite news | last=Bass | first=Dina | title=Snowflake Takes Aim at Amazon, Hadoop With New Data Service | work=[[Bloomberg News]] | date=October 21, 2014 | url=https://www.bloomberg.com/news/articles/2014-10-21/snowflake-takes-aim-at-amazon-hadoop-with-new-data-service | url-access=subscription}}</ref>
In June 2014, the company appointed former [[Microsoft]] executive [[Bob Muglia]] as CEO. In October 2014, it raised $26 million and came out of stealth mode, being used by 80 organizations.<ref>{{cite news | last=Vanian | first=Jonathan | title=With $26M, Snowflake Computing is hoping its take on data warehousing will hit the mainstream | work=[[Gigaom]] | url=https://gigaom.com/2014/10/21/with-26m-snowflake-computing-is-hoping-its-take-on-data-warehousing-will-hit-the-mainstream/ | date=October 21, 2014}}</ref> In June 2015, the company raised an additional $45 million and launched its first product, its cloud data warehouse, to the public.<ref>{{cite news | last=Vanian | first=Jonathan | title=This big data startup is as unique as a snowflake | url=https://fortune.com/2015/06/23/big-data-startup-snowflake/ | work=[[Fortune (magazine)|Fortune]] | date=June 23, 2015 | url-access=subscription}}</ref><ref>{{cite web | last=Hesseldahl | first=Arik | title=Big Data Startup Snowflake Raises $45 Million, Launches First Product | work=[[Vox Media]] | url=https://www.vox.com/2015/6/23/11563788/big-data-startup-snowflake-raises-45-million-launches-first-product | date=June 23, 2015}}</ref><ref>{{cite news | last=Brust | first=Andrew | title=Cloud data warehouse race heats up | work=[[ZDNet]] | url=http://www.zdnet.com/article/cloud-data-warehouse-race-heats-up/ | date=June 26, 2015}}</ref> It raised another $100 million in April 2017.<ref>{{cite news | last=Dignan | first=Larry | title=Snowflake Computing raises $100 million to expand cloud data warehouse footprint | work=[[ZDNet]] | url=http://www.zdnet.com/article/snowflake-computing-raises-100-million-to-expand-cloud-data-warehouse-footprint/ | date=April 5, 2017}}</ref><ref>{{cite news | title=Cloud data warehouse startup Snowflake raises $100 million led by Iconiq | work=[[VentureBeat]] | url=https://venturebeat.com/2017/04/05/cloud-data-warehouse-startup-snowflake-raises-100-million-led-by-iconiq/ | first1=Bérénice | last1=Magistretti | first2=Jordan | last2=Novet | date=April 5, 2017}}</ref> In January 2018, the company announced a $263 million financing round at a $1.5 billion valuation, making it a [[Unicorn (finance)|unicorn]].<ref>{{Cite news | url=https://techcrunch.com/2018/01/25/snowflake-lands-263-million-investment-on-unicorn-valuation/ |title=Snowflake lands massive $263 million investment on unicorn valuation | last=Miller | first=Ron | work=[[TechCrunch]] | date=January 25, 2018}}</ref> In October 2018, it raised another $450 million in a round led by [[Sequoia Capital]], raising its valuation to $3.5 billion.<ref name="raises">{{cite news | last=Dignan | first=Larry | title=Snowflake raises $450 million in another VC round, valued at $3.5 billion | url=https://www.zdnet.com/article/snowflake-raises-450-million-in-another-vc-round-valued-at-3-5-billion/ | work=[[ZDNet]] | date=October 22, 2018}}</ref><ref>{{cite news | url=https://www.geekwire.com/2018/huge-new-450m-funding-round-snowflake-computing-now-raised-almost-1-billion/ | title=With huge new $450M funding round, Snowflake Computing has now raised almost $1 billion | work=[[GeekWire]] | date=October 11, 2018 |last=Krazit |first=Tom }}</ref>


Snowflake has run on [[Amazon Web Services]] since 2014,<ref>{{cite news | title=Snowflake offers cloud data warehouse as a service, cheaply | url=https://sdtimes.com/amazon-web-services/snowflake-offers-cloud-data-warehouse-service-cheaply/ | first=Alex | last=Handy | newspaper=[[SD Times]] | date=October 23, 2014}}</ref><ref>{{cite news | title=Longtime Microsoft Executive Opens Cloud Database Start-Up | first=Nick | last=Wingfield | url=https://archive.nytimes.com/bits.blogs.nytimes.com/2014/10/21/longtime-microsoft-executive-opens-cloud-database-start-up/ | newspaper=[[The New York Times]] | date=October 21, 2014 |url-access=limited}}</ref> on [[Microsoft Azure]] since 2018,<ref>{{cite news | last=Brust | first=Andrew | title=Snowflake's cloud data warehouse comes to Microsoft Azure | work=[[ZDNet]] | url=https://www.zdnet.com/article/snowflakes-cloud-data-warehouse-comes-to-microsoft-azure/ | date=July 12, 2018}}</ref> and on the [[Google Cloud Platform]] since 2019.<ref name=aiforce/><ref>{{cite press release | url=https://cloud.google.com/blog/products/data-analytics/announcing-snowflake-on-google-cloud-platform | last=Ichhpurani |first=Kevin |title=Announcing Snowflake on Google Cloud Platform | work=[[Google Cloud Platform]] | date=June 4, 2019}}</ref>
In May 2019, Frank Slootman, the retired former CEO of [[ServiceNow]], joined Snowflake as its CEO and Michael Scarpelli, the former CFO of [[ServiceNow]] joined the company as CFO.<ref name="aiforce">{{cite news |url=https://www.forbes.com/sites/tomtaulli/2019/06/05/snowflake-the-ai-force-multiplier/amp/ |last=Taulli |first=Tom |title=Snowflake: The AI Force Multiplier |work=[[Forbes]] |date=June 5, 2019 }}</ref> In June 2019, the company launched Snowflake Data Exchange.<ref>{{cite press release |agency=Snowflake Inc. | url=https://www.prnewswire.com/news-releases/snowflake-announces-data-exchange-to-break-down-data-barriers-300861264.html | title=Snowflake Announces Data Exchange to Break Down Data Barriers | publisher=[[PR Newswire]] | date=June 4, 2019}}</ref> In September 2019, it was ranked first on [[LinkedIn]]'s 2019 U.S. list of Top Startups.<ref>{{cite web | last=Hempel | first=Jessi | title=LinkedIn Top Startups 2019: The 50 hottest U.S. companies to work for now | url=https://www.linkedin.com/pulse/linkedin-top-startups-2019-50-hottest-us-companies-work-jessi-hempel | work=[[LinkedIn]] | date=September 4, 2019}}</ref>


In June 2015, Snowflake launched its first product, its cloud [[data warehouse]].<ref name=firstproduct/>
On February 7, 2020, the company raised another $479 million. At that time, it had 3,400 active customers.<ref name="step">{{Cite news | url=https://techcrunch.com/2020/02/09/after-479m-round-on-12-4b-valuation-snowflake-ceo-says-ipo-is-next-step/ | title=After $479M round on $12.4B valuation, Snowflake CEO says IPO is next step | first=Ron | last=Miller | date=February 9, 2020 |work=[[TechCrunch]]}}</ref> On September 16, 2020, Snowflake became a [[public company]] via an [[initial public offering]] (IPO) raising $3.4 billion, one of the largest software IPOs and the largest to double on its first day of trading.<ref name="largest-ipo-cnn" /><ref>{{Cite news | url=https://www.wsj.com/articles/snowflakes-shares-soar-in-ipo-11600275246 | title=Snowflake's Stock Price Soars in IPO | first=Corrie | last=Driebusch | work=[[The Wall Street Journal]] | date=September 16, 2020 | url-access=subscription}}</ref><ref>{{Cite news | url=https://www.marketwatch.com/story/snowflake-ipo-surge-makes-it-the-priciest-tech-stock-by-a-mile-11600294394 | title=Snowflake IPO surge makes it the priciest tech stock by a mile | first=Emily | last=Bary | work=[[MarketWatch]] | date=September 16, 2020}}</ref><ref>{{cite news | title=Snowflake, JFrog IPO: Software stocks soar in market debut | url=https://www.fastcompany.com/90551402/its-snowing-on-the-nyse-and-raining-frogs-on-the-nasdaq | work=[[Fast Company]] |date=September 16, 2020 |last=Zara |first=Christopher }}</ref><ref>{{cite news |last=Pressman | first=Aaron | url=https://fortune.com/2020/09/16/snowflake-ceo-doubling-of-stock-price-after-ipo-reflects-frothy-market/ | title=Snowflake CEO: Doubling of stock price after IPO reflects 'frothy' market | work=[[Fortune (magazine)|Fortune]] | date=September 16, 2020 }}</ref>


In May 2019, [[Frank Slootman]], formerly CEO of [[ServiceNow]], joined Snowflake as its CEO.<ref name=aiforce>{{cite news |url=https://www.forbes.com/sites/tomtaulli/2019/06/05/snowflake-the-ai-force-multiplier/amp/ |last=Taulli | first=Tom | title=Snowflake: The AI Force Multiplier | work=[[Forbes]] | date=June 5, 2019}}</ref>
On May 26, 2021, the company announced that it would become headquarterless,<ref>{{cite web |last=Levy |first=Ari |title=Snowflake relocates executive office from California to Bozeman, Montana, as company goes distributed |url=https://www.cnbc.com/2021/05/26/snowflake-moves-executive-office-from-california-to-bozeman-montana.html |website=CNBC |access-date=March 3, 2022 |date=May 26, 2021 }}</ref> with a principal executive office located in Bozeman, Montana.<ref>{{cite press release |agency=Snowflake Inc. |url=https://investors.snowflake.com/news/news-details/2021/Snowflake-Reports-Financial-Results-for-the-First-Quarter-of-Fiscal-2022/default.aspx |title=Snowflake Reports Financial Results for the First Quarter of Fiscal 2022 |date=May 26, 2021 }}</ref>


In June 2019, the company launched Snowflake Data Exchange.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/snowflake-announces-data-exchange-to-break-down-data-barriers-300861264.html | title=Snowflake Announces Data Exchange to Break Down Data Barriers | publisher=[[PR Newswire]] | date=June 4, 2019}}</ref>
On March 2, 2022, the company acquired Streamlit for $800 million. <ref>{{Cite web |last=Miller |first=Ron |date=2022-03-02 |title=Snowflake acquires Streamlit for $800M to help customers build data-based apps |url=https://techcrunch.com/2022/03/02/snowflake-acquires-streamlit-for-800m-to-help-customers-build-data-based-apps/ |access-date=2023-07-24 |website=TechCrunch |language=en-US}}</ref> Then on October 17, 2022, the company announced an investment in advanced TV advertising firm OpenAP.<ref>{{Cite web |last=Sharma |first=Shubham |date=October 17, 2022 |title=Snowflake acquires stake in OpenAP to set up data clean room for advertisers |url=https://venturebeat.com/data-infrastructure/snowflake-acquires-stake-in-openap-to-set-up-data-clean-room-for-advertisers/ |access-date=October 19, 2022 |website=VentureBeat }}</ref>


In December 2020, the company added [[Knoema]] as a data provider in the Snowflake Data Marketplace.<ref>{{Cite news | url=https://venturebeat.com/business/knoema-announces-acquisition-by-eldridge-and-partnership-with-snowflake/ | title=Knoema announces acquisition by Eldridge and partnership with Snowflake | first=Manasa | last=Gogineni | work=[[VentureBeat]] | date=December 21, 2020}}</ref>
Snowflake announced it would acquire privacy-focused search startup [[Neeva]] for $185&nbsp;million in May 2023.<ref>{{cite web |last=Palmer |first=Annie |date=May 24, 2023 |title=Snowflake shares plunge 12% on guidance miss, acquisition of search startup Neeva |url=https://www.cnbc.com/2023/05/24/snowflake-snow-earnings-q1-2024.html |website=CNBC }}</ref><ref name=retire />


On October 23, 2023, Snowflake acquired a start-up named Ponder to expand its Python capabilities for enterprises.<ref>{{Cite web |date=2023-10-23 |title=Snowflake to acquire Ponder, expanding its Python capabilities for enterprises |url=https://venturebeat.com/data-infrastructure/snowflake-to-acquire-ponder-expanding-its-python-capabilities-for-enterprises/ |access-date=2023-10-24 |website=VentureBeat |language=en-US}}</ref>
In May 2021, the company became a [[distributed company]], with a principal executive office in Bozeman, Montana.<ref>{{cite news | title=Snowflake relocates executive office from California to Bozeman, Montana, as company goes distributed | last=Levy | first=Ari | url=https://www.cnbc.com/2021/05/26/snowflake-moves-executive-office-from-california-to-bozeman-montana.html | work=[[CNBC]] |date=May 26, 2021}}</ref>


In October 2022, the company acquired a 5% stake in advanced TV advertising firm OpenAP.<ref>{{Cite news |url=https://venturebeat.com/data-infrastructure/snowflake-acquires-stake-in-openap-to-set-up-data-clean-room-for-advertisers/ | last=Sharma | first=Shubham | title=Snowflake acquires stake in OpenAP to set up data clean room for advertisers | work=[[VentureBeat]] | date=October 17, 2022}}</ref>
On February 28, 2024, Snowflake announced that Slootman was retiring and [[Sridhar Ramaswamy]] would be replacing him as CEO.<ref name=retire>{{cite news |last1=Vanian |first1=Jonathan |title=Snowflake says Frank Slootman is retiring as CEO; stock plunges 20% |url=https://www.cnbc.com/2024/02/28/snowflake-says-frank-slootman-is-retiring-as-ceo-stock-plunges-20percent.html |access-date=28 February 2024 |work=CNBC |date=28 February 2024 |language=en}}</ref>


On February 28, 2024, [[Frank Slootman]] retired as CEO and was replaced by [[Sridhar Ramaswamy]].<ref name=retire>{{cite news | last=Vanian | first=Jonathan |title=Snowflake says Frank Slootman is retiring as CEO; stock plunges 20% | url=https://www.cnbc.com/2024/02/28/snowflake-says-frank-slootman-is-retiring-as-ceo-stock-plunges-20percent.html | work=[[CNBC]] |date=February 28, 2024}}</ref>
==See Also==


===2024 data breach===
* [[Databricks]]
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.<ref>{{Cite magazine |url=https://www.wired.com/story/snowflake-breach-advanced-auto-parts-lendingtree/ |title=The Snowflake Attack May Be Turning Into One of the Largest Data Breaches Ever |magazine=[[Wired (magazine)|WIRED]] |date=June 6, 2024}}</ref><ref>{{cite news |url=https://techcrunch.com/2024/06/05/snowflake-customer-passwords-found-online-infostealing-malware/ |title=Hundreds of Snowflake customer passwords found online are linked to info-stealing malware |first=Zach | last=Whittaker | work=[[TechCrunch]] |date=June 5, 2024}}</ref><ref>{{Cite news |url=https://www.bleepingcomputer.com/news/security/advance-auto-parts-stolen-data-for-sale-after-snowflake-attack/ |title=Advance Auto Parts stolen data for sale after Snowflake attack | first=Sergiu | last=Gatlan | work=[[Bleeping Computer]] |date=June 5, 2024}}</ref><ref>{{Cite news | url=https://www.techtarget.com/searchsecurity/news/366588655/Mandiant-Exposed-credentials-led-to-Snowflake-attacks |title=Mandiant: 'Exposed credentials' led to Snowflake attacks | first=Alexander | last=Culafi | work=[[TechTarget]] | date=June 10, 2024}}</ref> [[Data breach]]es affected [[Ticketmaster]],<ref>{{cite news | url=https://techcrunch.com/2024/05/31/live-nation-confirms-ticketmaster-was-hacked-says-personal-information-stolen-in-data-breach/ | last=Whittaker | first=Zack | title=Live Nation confirms Ticketmaster was hacked, says personal information stolen in data breach | work=[[TechCrunch]] |date=May 31, 2024}}</ref> [[Advance Auto Parts]],<ref>{{Cite news | url=https://therecord.media/advance-auto-parts-data-breach-2million | title=Advance Auto Parts says more than 2 million impacted by data breach | first=Jonathan | last=Grieg | work=[[Recorded Future]] | date=July 11, 2024}}</ref> [[Santander Bank]], [[LendingTree]], [[AT&T]],<ref>{{Cite news | url=https://www.bleepingcomputer.com/news/security/massive-atandt-data-breach-exposes-call-logs-of-109-million-customers/ |title=Massive AT&T data breach exposes call logs of 109 million customers | first=Bill | last=Toulas | work=[[BleepingComputer]] |date=July 12, 2024}}</ref> and [[Bausch Health]].<ref>{{Cite news |last=Cox |first=Joseph | title=Hacker Breaches Pharma Giant Bausch Health, Wants to Extort DEA |url=https://www.404media.co/hacker-breaches-pharma-giant-bausch-health-wants-to-extort-dea/ | work=[[404 Media]] |date=July 30, 2024}}</ref>
One Connor Riley Moucka, 25, (<i>alias</i> 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)|Washington]] state court has issued an [[indictment]] on charges of [[conspiracy]], [[computer fraud]] and abuse, [[extortion]], and aggravated [[identity theft]]. <ref>{{Cite web|url=https://www.therecord.com/news/waterloo-region/accused-kitchener-hacker-unmasked-after-threatening-woman-online/article_3501ea8b-1514-5524-8de6-f52e92c3e103.html|title=Accused Kitchener hacker unmasked after threatening woman online|first=Terry|last=Pender|date=November 29, 2024|website=The Record}}</ref><ref>{{Cite web|url=https://www.bleepingcomputer.com/news/security/us-indicts-snowflake-hackers-who-extorted-25-million-from-3-victims/|title=US indicts Snowflake hackers who extorted $2.5 million from 3 victims|website=BleepingComputer}}</ref><ref>{{Cite web|url=https://www.documentcloud.org/documents/25290989-snowflake-indc|title=DocumentCloud|website=www.documentcloud.org}}</ref>

==Funding==
In 2012, Snowflake raised $5 million in a [[Series A round]]. In October 2014, it raised $26 million.<ref name=raises/>

In June 2015, the company raised $45 million.<ref>{{cite news | last=Vanian | first=Jonathan | title=This big data startup is as unique as a snowflake | url=https://fortune.com/2015/06/23/big-data-startup-snowflake/ | work=[[Fortune (magazine)|Fortune]] | date=June 23, 2015 | url-access=subscription}}</ref><ref name=firstproduct>{{cite news | last=Hesseldahl | first=Arik | title=Big Data Startup Snowflake Raises $45 Million, Launches First Product | work=[[Vox Media]] | url=https://www.vox.com/2015/6/23/11563788/big-data-startup-snowflake-raises-45-million-launches-first-product | date=June 23, 2015}}</ref><ref>{{cite news | last=Brust | first=Andrew | title=Cloud data warehouse race heats up | work=[[ZDNet]] | url=https://www.zdnet.com/article/cloud-data-warehouse-race-heats-up/ | date=June 26, 2015}}</ref> It raised $100 million in April 2017.<ref>{{cite news | last=Dignan | first=Larry | title=Snowflake Computing raises $100 million to expand cloud data warehouse footprint | work=[[ZDNet]] | url=https://www.zdnet.com/article/snowflake-computing-raises-100-million-to-expand-cloud-data-warehouse-footprint/ | date=April 5, 2017}}</ref><ref>{{cite news | title=Cloud data warehouse startup Snowflake raises $100 million led by Iconiq | work=[[VentureBeat]] | url=https://venturebeat.com/2017/04/05/cloud-data-warehouse-startup-snowflake-raises-100-million-led-by-iconiq/ | first1=Bérénice | last1=Magistretti | first2=Jordan | last2=Novet | date=April 5, 2017}}</ref>

In January 2018, the company raised $263 million at a $1.5 billion valuation, making it a [[Unicorn (finance)|unicorn]].<ref>{{Cite news | url=https://techcrunch.com/2018/01/25/snowflake-lands-263-million-investment-on-unicorn-valuation/ |title=Snowflake lands massive $263 million investment on unicorn valuation | last=Miller | first=Ron | work=[[TechCrunch]] | date=January 25, 2018}}</ref>

In October 2018, Snowflake raised $450 million in a round led by [[Sequoia Capital]], at a $3.5 billion valuation.<ref name=raises>{{cite news | last=Dignan | first=Larry | title=Snowflake raises $450 million in another VC round, valued at $3.5 billion | url=https://www.zdnet.com/article/snowflake-raises-450-million-in-another-vc-round-valued-at-3-5-billion/ | work=[[ZDNet]] | date=October 22, 2018}}</ref><ref>{{cite news | url=https://www.geekwire.com/2018/huge-new-450m-funding-round-snowflake-computing-now-raised-almost-1-billion/ | title=With huge new $450M funding round, Snowflake Computing has now raised almost $1 billion |last=Krazit |first=Tom
| work=[[GeekWire]] | date=October 11, 2018}}</ref>

On February 7, 2020, the company raised $479 million. At that time, it had 3,400 active customers.<ref>{{Cite news | url=https://techcrunch.com/2020/02/09/after-479m-round-on-12-4b-valuation-snowflake-ceo-says-ipo-is-next-step/ | title=After $479M round on $12.4B valuation, Snowflake CEO says IPO is next step | first=Ron | last=Miller |work=[[TechCrunch]] | date=February 9, 2020}}</ref>

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.<ref>{{Cite news | url=https://www.wsj.com/articles/snowflakes-shares-soar-in-ipo-11600275246 | title=Snowflake's Stock Price Soars in IPO | first=Corrie | last=Driebusch | work=[[The Wall Street Journal]] | date=September 16, 2020 | url-access=subscription}}</ref><ref>{{Cite news | url=https://www.marketwatch.com/story/snowflake-ipo-surge-makes-it-the-priciest-tech-stock-by-a-mile-11600294394 | title=Snowflake IPO surge makes it the priciest tech stock by a mile | first=Emily | last=Bary | work=[[MarketWatch]] | date=September 16, 2020 | url-access=limited}}</ref><ref>{{cite news | title=Snowflake, JFrog IPO: Software stocks soar in market debut | url=https://www.fastcompany.com/90551402/its-snowing-on-the-nyse-and-raining-frogs-on-the-nasdaq | last=Zara | first=Christopher | work=[[Fast Company]] |date=September 16, 2020}}</ref><ref>{{cite news | last=Pressman | first=Aaron | url=https://fortune.com/2020/09/16/snowflake-ceo-doubling-of-stock-price-after-ipo-reflects-frothy-market/ | title=Snowflake CEO: Doubling of stock price after IPO reflects 'frothy' market | work=[[Fortune (magazine)|Fortune]] | date=September 16, 2020}}</ref><ref>{{Cite news | url=https://www.cnn.com/2020/09/16/investing/snowflake-ipo/index.html |last=La Monica |first=Paul R. | title=Snowflake Shares More than Double. It's the Biggest Software IPO Ever | work=[[CNN]] |date=September 16, 2020}}</ref>

==Acquisitions==
{| class="wikitable sortable"
|-
! scope="col" | #
! scope="col" | Date
! scope="col" | Company
! scope="col" style="width:80px;"| Price
! scope="col" | Notes
! scope="col" class="unsortable" | Ref(s).
|-
| 1
| {{dts|2020|7}}
| CryptoNumerics
| Undisclosed
| Privacy-protected datasets
| <ref>{{cite news | url=https://www.osler.com/en/about-us/representative-work/cryptonumerics-en/ | title=CryptoNumerics in its acquisition by Snowflake | work=[[Osler, Hoskin & Harcourt]] | date=July 20, 2020}}</ref>
|-
| 2
| {{dts|2022|3}}
| Streamlit
| $800 million
| Data-based apps
| <ref>{{Cite news | url=https://techcrunch.com/2022/03/02/snowflake-acquires-streamlit-for-800m-to-help-customers-build-data-based-apps/ | last=Miller | first=Ron | title=Snowflake acquires Streamlit for $800M to help customers build data-based apps | work=[[TechCrunch]] | date=March 2, 2022}}</ref>
|-
| 3
| {{dts|2022|9}}
| Applica
| Undisclosed
| AI platform for document understanding
| <ref>{{cite news | url=https://venturebeat.com/data-infrastructure/snowflake-launches-llm-driven-document-ai-and-more-at-annual-conference/ | title=Snowflake launches LLM-driven Document AI and more at annual conference | first=Shubham | last=Sharma | work=[[VentureBeat]] | date=June 27, 2023}}</ref>

|-
| 4
| {{dts|2023|01}}
| Mist AI
| Undisclosed
| [[Time series]] forecasting company
| <ref>{{Cite news | url=https://venturebeat.com/data-infrastructure/snowflake-to-acquire-myst/ | title=Snowflake acquires Myst, looks to build time-series forecasting capabilities | first=Shubham | last=Sharma | work=[[VentureBeat]] | date=January 4, 2023}}</ref>

|-
| 5
| {{dts|2023|02}}
| LeapYear
| Undisclosed
| Data clean room abilities
| <ref>{{Cite news | url=https://www.infoworld.com/article/2337950/snowflake-to-acquire-leapyear-to-boost-data-clean-room-abilities.html | title=Snowflake to acquire LeapYear to boost data clean room abilities | first=Anirban | last=Ghoshal | work=[[InfoWorld]] | date=January 4, 2023}}</ref>

|-
| 6
| {{dts|2023|5}}
| [[Neeva]]
| $185 million
| Privacy-focused search startup
| <ref>{{cite news | url=https://www.cnbc.com/2023/05/24/snowflake-snow-earnings-q1-2024.html | title=Snowflake shares plunge 12% on guidance miss, acquisition of search startup Neeva | last=Palmer | first=Annie | work=[[CNBC]] | date=May 24, 2023}}</ref><ref name=retire/>

|-
| 7
| {{dts|2023|10}}
| Ponder
| Undisclosed
| Python capabilities
| <ref>{{Cite news | url=https://venturebeat.com/data-infrastructure/snowflake-to-acquire-ponder-expanding-its-python-capabilities-for-enterprises/ | title=Snowflake to acquire Ponder, expanding its Python capabilities for enterprises | first=Shubham | last=Sharma | work=[[VentureBeat]] | date=October 23, 2023}}</ref>

|-
| 8
| {{dts|2024|05}}
| TruEra
| Undisclosed
| AI Observability Platform
| <ref>{{Cite news | url=https://www.snowflake.com/en/blog/snowflake-acquires-truera-to-bring-llm-ml-observability-to-data-cloud/ | title=Snowflake Announces Agreement to Acquire TruEra AI Observability Platform to Bring LLM and ML Observability to the AI Data Cloud | first=Mona | last=Attariyan | work=Snowflake Blog | date=May 22, 2024}}</ref>
|}


==References==
==References==
Line 54: Line 139:


==External links==
==External links==
{{Commons category}}
{{Commonscat}}
* {{Official website}}
* {{Official website}}
* {{Finance links
* {{Finance links
| name = Snowflake Inc.
| name = Snowflake Inc.
| symbol = SNOW
| reuters = SNOW.N
| bloomberg = SNOW:US
| bloomberg = SNOW:US
| google = SNOW
| reuters = SNOW.N
| sec_cik = 1640147
| sec_cik = 1640147
| yahoo = SNOW
| yahoo = SNOW
| google = SNOW
| nasdaq = SNOW
}}
}}



{{Authority control}}
{{Authority control}}
Line 75: Line 157:
[[Category:Big data companies]]
[[Category:Big data companies]]
[[Category:Big data products]]
[[Category:Big data products]]
[[Category:Data warehousing products]]
[[Category:Cloud databases]]
[[Category:Cloud computing providers]]
[[Category:Cloud computing providers]]
[[Category:Information technology companies of the United States]]
[[Category:Cloud databases]]
[[Category:Computer companies established in 2012]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Computer companies established in 2012]]
[[Category:Data warehousing products]]
[[Category:Information technology companies of the United States]]

Latest revision as of 03:36, 2 December 2024

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

[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] 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

[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.[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

[edit]
  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.
[edit]
Wikimedia Commons has media related to Snowflake Inc..
  • Official website Edit this at Wikidata
  • Business data for Snowflake Inc.:
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Snowflake_Inc.&oldid=1260697284"