Computer storage startup Snowflake Computing has raised a $450 million round of investment that values the company at $3.5 billion.
That’s more than double the valuation it held nine months ago, when it last raised funding.
It is a sweet moment of triumph for its CEO Bob Muglia, who rose to fame as a top Microsoft exec before suffering a humiliating dismissal by Steve Ballmer when the two disagreed about cloud strategy.
A hot computer storage startup called Snowflake Computing has raised a monster new round of venture investment: $450 million. This round has given the company a pre-money valuation of $3.5 billion, the company said.
This investment comes just nine months after the company’s last round of $264 million, which valued it a $1.5 billion pre-money, meaning it more than doubled its valuation just this year.
One reason: Snowflake is run by well-known former Microsoft exec Bob Muglia, who was hired by Bill Gates, helped build the company’s first database product — still a huge business for Microsoft today — worked on Office, MSN, and Windows, and then ran Servers and Tools, a major Microsoft business unit that was valued in its day at $15 billion and employed about 10,000 people.
Snowflake is similar to a cloud-based database. It’s a type of database known as a data warehouse, which takes the vast amounts of data a company is storing in a favorite cloud service, like Amazon S3, and allows companies to sift through it all to find answers to business questions. Snowflake’s claim to fame is that it can ingest all types of data in its native form, reducing the amount of work it takes to process data for analysis. It competes with a lot of different technologies doing similar work in the cloud, including Amazon’s own data warehouse service Redshift.
But …read more
Source:: Business Insider