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Snowflake More Than Triples Revenue and Customer Base, Doubles Post-Money Valuation, All in Just One Year
SAN MATEO, Calif., Feb. 12, 2019 /PRNewswire/ -- Snowflake Computing, the only data warehouse built for the cloud today announced another year of exponential growth. The company's 2019 financial year, which ended January 31, delivered a multitude of successes and recognition from its customers, venture capital firms and industry experts.
Snowflake's unique cloud-built architecture enables organizations of any size to make data-driven decisions not previously possible. With Snowflake, customers get deeper insights from more data thanks to the power, simplicity and instant and near-infinite scalability of modern data warehousing and data analytics. In addition, customers can easily and securely share live data with revocable access rights across business units and with their partners and customers. These ongoing innovations put Snowflake far ahead of traditional, on-premises and "cloud-washed" solutions.
"Today's organizations want the broadest access to the deepest insights from all their data," Snowflake CEO Bob Muglia said. "Snowflake continues to deliver on this vision with the data warehouse that enables the data-driven organization. Our success in FY19 was built on the success and compelling business value our customers achieved with Snowflake. In FY20, we'll advance on that success by connecting more organizations to the Data Economy via Snowflake, so they can easily and securely share any part of their data across their business units and with their business partners and customers. That will enable them to uncover new insights and enable new opportunities and revenue streams. Only Snowflake can provide these capabilities by virtue of our unique cloud-built architecture."
In FY19 (Feb 1-Jan 31), Snowflake achieved the following milestones:
Corporate Momentum
- Raised $450 million in growth funding, nearly doubling total funding to more than $920 million.
- Doubled post-money valuation to $3.9 billion, putting the organization among the top 25 most highly valued private U.S. technology companies.
- More than tripled revenue YOY, a 257 percent increase.
- Positioned as a Leader in Gartner's 2019 Magic Quadrant for Data Management Solutions for Analytics Report.
- Emerged as a Leader in The Forrester Wave™: Cloud Data Warehouse, Q4 2018 Report.
- Increased presence to nine countries to support a growing global customer base, with plans to increase Snowflake's presence to more than 20 countries over the next 12 months.
- Opened its first European Research and Development Office in Berlin.
- Nearly tripled employee count to approach nearly 1000 professionals worldwide.
- Recognized with numerous awards for its values-based culture and unique employee benefits, appearing in such lists and publications as: LinkedIn's 50 Most Sought-After Startups; Fortune's 50 Best Places Workplaces in Technology; Inc. Magazine's Best Place to Work (multiple categories); Business Insider's 8 Cloud Computing Startups to Bet Your Career On; and Money's "50 Hottest Startups to Work For Right Now."
- Increased Snowflake's leadership by adding Chief Legal Officer Margo Smith; Chief Finance Officer Thomas Tuchscherer; and Chief People Officer Kathy O'Driscoll. We also added former Adobe CFO Mark Garrett to Snowflake's Board of Directors.
Product Innovation
- Announced general availability of Snowflake on Microsoft Azure, meeting the platform needs of customers across multiple clouds.
- Unveiled a Data Sharing Rebate Program that reduces usage costs for all customers sharing data externally and rewards those participating in the Data Economy.
- Made available Software-as-a-Service (SaaS) Contracts through Amazon Web Services (AWS) Marketplace.
- Introduced innovative new features such as Automatic Clustering and Materialized Views, which optimize query performance.
- Named in leading channel publication CRN's list of Big Data 100, which recognizes technology vendors with a proven ability to innovate with products and services that assist businesses with big data; included in Forbes' "The Cloud 100"; noted on insideBIGDATA's "IMPACT 50 List"; and listed in CIO's "10 Hot Startups Targeting Today's Key IT Initiatives."
Customer Acquisition
- More than tripled the number of active customers to more than 1,400.
- Added new enterprise customers, including: Netflix; Office Depot; DoorDash; Netgear; and Yamaha.
- Increased customer growth across key industries, including: finance (281 percent); technology (210 percent); retail (207 percent); and healthcare (142 percent).
- Expanded to the public sector by achieving FedRAMP ready status and signed a software licensing program contract with the state of California.
- Received the highest overall rating of 4.7/5 from customers in the Gartner Peer Insights Report "Voice of the Customer." Specific measurement criteria included overall rating of product capabilities, integration and deployment.
- Received a perfect score for the second consecutive year in the Dresner ADI report, in which 100 percent of responding customers said they would recommend Snowflake.
- Earned a Net Promoter Score (NPS) of 71, which is more than triple the average score of 21 for technology vendors and places Snowflake in the same high-ranking category as brands like Apple and BMW.
Ecosystem Expansion
- Launched new strategic partnerships with Microsoft, Databricks, Datarobot, H2O and Qubole.
- Launched Partner Connect, a solution that enables customers to get faster insights from their data through pre-built integrations with existing data integration partners (ETL and ELT) and BI partners.
- Hosted Snowflake's Cloud Analytics World Tour in partnership with AWS, Tableau, Looker and Talend. This effort spans three continents and 14 cities and has attracted nearly 7,000 registrants.
- Launched more than 100 hands-on workshop series events, "From 0 to Snowflake in 90 minutes," with more than 40 strategic partners, enabling more than 3,000 registrants to move analytics workloads to Snowflake in 90 minutes or less.
The impact of Snowflake's purpose-built cloud architecture on global businesses will be evident at the company's first-ever user conference, Snowflake Summit, which is planned for June 3-6, 2019, in San Francisco. Featuring seven speaking tracks, 80 sessions and an exposition floor with more than 1,500 partners, customers and industry peers, Snowflake Summit will be a testament to the company's momentum and a first look at the innovation to come.
Resources
About Snowflake Computing
Snowflake is the only data warehouse built for the cloud, enabling the data-driven enterprise with instant elasticity, secure data sharing and per-second pricing, across multiple clouds. Snowflake combines the power of data warehousing, the flexibility of big data platforms and the elasticity of the cloud at a fraction of the cost of traditional solutions. Snowflake: Your data, no limits. Find out more at snowflake.com.
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SOURCE Snowflake Computing
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