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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$3.63 billion (2025)
Decrease US$−1.5 billion (2025)
Decrease US$−1.3 million (2025)
Total assetsIncrease US$9.03 billion (2025)
Total equityDecrease US$3.01 billion (2025)
Number of employees
7,834 (2025)
Websitewww.snowflake.com Edit this at Wikidata
Footnotes / references
Financials as of January 31, 2025.[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.[2]

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.[3]

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.[4][5]

Snowflake has run on Amazon Web Services since 2014,[6][7] on Microsoft Azure since 2018,[8] and on the Google Cloud Platform since 2019.[9][10]

In June 2015, Snowflake launched its first product, its cloud data warehouse.[11]

In May 2019, Frank Slootman, formerly CEO of ServiceNow, joined Snowflake as its CEO.[9]

In June 2019, the company launched Snowflake Data Exchange.[12]

In December 2020, the company added Knoema as a data provider in the Snowflake Data Marketplace.[13]

In May 2021, the company became a distributed company, with a principal executive office in Bozeman, Montana.[14]

In October 2022, the company acquired a 5% stake in advanced TV advertising firm OpenAP.[15]

In May 2023, Snowflake agreed to acquire privacy-focused search startup, Neeva, for $185 million.[16][17]

On February 28, 2024, Frank Slootman retired as CEO and was replaced by Neeva's cofounder Sridhar Ramaswamy.[17]

2024 data breach

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In 2024, customers of Snowflake were targeted as part of a mass customer data theft and extortion campaign.[18][19][20][21] Data breaches affected Ticketmaster,[22] Advance Auto Parts,[23] Santander Bank, Neiman Marcus, LendingTree, AT&T, Pure Storage, Teg.com.au,[24] and Bausch Health.[25]

Two men were involved in the hacking conspiracy. Connor Riley Moucka aka Waifu, 25, of Kitchener, Ontario, and John Erin Binns aka IRDev. Moucka was arrested 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.[26][27][28]

Funding

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In 2012, Snowflake raised $5 million in a Series A round. In October 2014, it raised $26 million.[4]

In June 2015, the company raised $45 million.[29][11][30] It raised $100 million in April 2017.[31][32]

In January 2018, the company raised $263 million at a $1.5 billion valuation, making it a unicorn.[33]

In October 2018, Snowflake raised $450 million in a round led by Sequoia Capital, at a $3.5 billion valuation.[4][34]

On February 7, 2020, the company raised $479 million. At that time, it had 3,400 active customers.[35]

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.[36][37][38][39][40]

References

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  1. ^ a b "US SEC: Form 10-K Snowflake, Inc". U.S. Securities and Exchange Commission. March 21, 2025.
  2. ^ "US SEC: Form 10-K Snowflake, Inc". U.S. Securities and Exchange Commission. March 26, 2024.
  3. ^ 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.
  4. ^ a b c Dignan, Larry (October 22, 2018). "Snowflake raises $450 million in another VC round, valued at $3.5 billion". ZDNet.
  5. ^ Bass, Dina (October 21, 2014). "Snowflake Takes Aim at Amazon, Hadoop With New Data Service". Bloomberg News.
  6. ^ Handy, Alex (October 23, 2014). "Snowflake offers cloud data warehouse as a service, cheaply". SD Times.
  7. ^ Wingfield, Nick (October 21, 2014). "Longtime Microsoft Executive Opens Cloud Database Start-Up". The New York Times.
  8. ^ Brust, Andrew (July 12, 2018). "Snowflake's cloud data warehouse comes to Microsoft Azure". ZDNet.
  9. ^ a b Taulli, Tom (June 5, 2019). "Snowflake: The AI Force Multiplier". Forbes.
  10. ^ Ichhpurani, Kevin (June 4, 2019). "Announcing Snowflake on Google Cloud Platform". Google Cloud Platform (Press release).
  11. ^ a b Hesseldahl, Arik (June 23, 2015). "Big Data Startup Snowflake Raises $45 Million, Launches First Product". Vox Media.
  12. ^ "Snowflake Announces Data Exchange to Break Down Data Barriers" (Press release). PR Newswire. June 4, 2019.
  13. ^ Gogineni, Manasa (December 21, 2020). "Knoema announces acquisition by Eldridge and partnership with Snowflake". VentureBeat.
  14. ^ Levy, Ari (May 26, 2021). "Snowflake relocates executive office from California to Bozeman, Montana, as company goes distributed". CNBC.
  15. ^ Sharma, Shubham (October 17, 2022). "Snowflake acquires stake in OpenAP to set up data clean room for advertisers". VentureBeat.
  16. ^ Palmer, Annie (May 24, 2023). "Snowflake shares plunge 12% on guidance miss, acquisition of search startup Neeva". CNBC.
  17. ^ a b Vanian, Jonathan (February 28, 2024). "Snowflake says Frank Slootman is retiring as CEO; stock plunges 20%". CNBC.
  18. ^ "The Snowflake Attack May Be Turning Into One of the Largest Data Breaches Ever". WIRED. June 6, 2024.
  19. ^ Whittaker, Zach (June 5, 2024). "Hundreds of Snowflake customer passwords found online are linked to info-stealing malware". TechCrunch.
  20. ^ Gatlan, Sergiu (June 5, 2024). "Advance Auto Parts stolen data for sale after Snowflake attack". Bleeping Computer.
  21. ^ Culafi, Alexander (June 10, 2024). "Mandiant: 'Exposed credentials' led to Snowflake attacks". TechTarget.
  22. ^ Whittaker, Zack (May 31, 2024). "Live Nation confirms Ticketmaster was hacked, says personal information stolen in data breach". TechCrunch.
  23. ^ Grieg, Jonathan (July 11, 2024). "Advance Auto Parts says more than 2 million impacted by data breach". Recorded Future.
  24. ^ Toulas, Bill (July 12, 2024). "Massive AT&T data breach exposes call logs of 109 million customers". BleepingComputer.
  25. ^ Cox, Joseph (July 30, 2024). "Hacker Breaches Pharma Giant Bausch Health, Wants to Extort DEA". 404 Media.
  26. ^ Pender, Terry (November 29, 2024). "Accused Kitchener hacker unmasked after threatening woman online". The Record.
  27. ^ "US indicts Snowflake hackers who extorted $2.5 million from 3 victims". BleepingComputer.
  28. ^ "Indictment" – via DocumentCloud.
  29. ^ Vanian, Jonathan (June 23, 2015). "This big data startup is as unique as a snowflake". Fortune.
  30. ^ Brust, Andrew (June 26, 2015). "Cloud data warehouse race heats up". ZDNet.
  31. ^ Dignan, Larry (April 5, 2017). "Snowflake Computing raises $100 million to expand cloud data warehouse footprint". ZDNet.
  32. ^ Magistretti, Bérénice; Novet, Jordan (April 5, 2017). "Cloud data warehouse startup Snowflake raises $100 million led by Iconiq". VentureBeat.
  33. ^ Miller, Ron (January 25, 2018). "Snowflake lands massive $263 million investment on unicorn valuation". TechCrunch.
  34. ^ Krazit, Tom (October 11, 2018). "With huge new $450M funding round, Snowflake Computing has now raised almost $1 billion". GeekWire.
  35. ^ Miller, Ron (February 9, 2020). "After $479M round on $12.4B valuation, Snowflake CEO says IPO is next step". TechCrunch.
  36. ^ Driebusch, Corrie (September 16, 2020). "Snowflake's Stock Price Soars in IPO". The Wall Street Journal.
  37. ^ Bary, Emily (September 16, 2020). "Snowflake IPO surge makes it the priciest tech stock by a mile". MarketWatch.
  38. ^ Zara, Christopher (September 16, 2020). "Snowflake, JFrog IPO: Software stocks soar in market debut". Fast Company.
  39. ^ Pressman, Aaron (September 16, 2020). "Snowflake CEO: Doubling of stock price after IPO reflects 'frothy' market". Fortune.
  40. ^ La Monica, Paul R. (September 16, 2020). "Snowflake Shares More than Double. It's the Biggest Software IPO Ever". CNN.
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