Snowflake Computing announced today that it has raised a massive $263 million round of funding to propel its cloud data warehouse business forward. The company is now valued at $1.5 billion.
Snowflake sells database software that runs in Amazon’s cloud and provides businesses with a high-performance, highly scalable environment to store massive amounts of information for processing by a range of applications, including machine learning algorithms.
The company was founded in 2012, and this latest round brings Snowflake’s total funding to $473 million, putting it among an elite group of startups that have taken on a massive infusion of cash over a short lifespan. Snowflake’s previous round of funding, worth $100 million, closed just last year.
Iconiq Capital, Altimiter Capital, and Sequoia Capital co-led the round. Returning investors Capital One Growth Ventures, Madrona Venture Group, Redpoint Ventures, Sutter Hill Ventures, and Wing Ventures also participated.
Snowflake CEO Bob Muglia said in an interview with VentureBeat that back in September investors recommended the company raise money to fuel its growth, given the success it’s having and the speed at which the market is moving.
“With this financing, we have the financial strength that’s now coupled with the technical strength and the product strength and the people strength that we have at Snowflake,” Muglia said. “And we can bring the whole package together and solve problems for customers.”
This round also provided an opportunity to bring Sequoia Capital on as an investor. Muglia said that he wanted to work with the firm…