Early last year, we invested in Snowflake, which is quickly becoming the leader for data warehousing in the cloud. Now, less than a year later they have raised a substantial round of $263M that underscores their phenomenal success in building a solution that speaks to a real business problem shared by many, many large business customers around the world.
Having had the opportunity to learn more about Snowflake and see first-hand their customer momentum and their execution both on the product and go-to-market fronts, I am more bullish than ever before about what is possible in the years to come.
In addition to building the world’s best data warehousing solution for the cloud, Snowflake introduced Data Sharing last year. The ability to seamlessly share data with your customers and partners from within Snowflake opens up a huge opportunity for business customers. This has been an unsolved problem in the past and is something that is very complex and painful to do. Snowflake has solved that with their Data Sharing capabilities.
Snowflake has done an outstanding job of riding two important and massive technology trends – the enterprise move to the cloud and the need for accessibility from anywhere to massive amounts of business data + analytics. They have built a fantastic product on the cloud and for the cloud that is resonating extremely well with a broad set of customers.
For all of the above-mentioned reasons, we are very excited to invest in this latest round of fund raising by Snowflake. We are very much looking forward to furthering our partnership with Bob Muglia and team to help them scale and see the kind of success that we are confident they will achieve.