Snowflake last raised $45 million<\/a> in June, 2015.\u00a0Today\u2019s investment brings the total raised to $205 million, according to the company.<\/p>\nThe company\u00a0is led by Bob Muglia, who went from managing\u00a0thousands of people at Juniper and Microsoft to being employee #34 at a startup. He made the move because he believed in what Snowflake\u00a0was doing \u2014 building a SQL data warehouse service from the ground up for the cloud.<\/p>\n
Matt Jacobson, general partner at lead investor Iconiq, says they saw a\u00a0company that has positioned itself for the\u00a0data requirements of modern customers. \u201cEverything that makes a company great now centers on data, the speed to assemble and organize data, and the ability to extract value and insight from that data,\u201d Jacobsen said in a statement.<\/p>\n
What they\u2019re offering is a classic cloud play, a database that can do the job Oracle traditionally handled in-house without any of the management headaches associated with running a data warehouse. You get the ability to scale to whatever size you require, while only paying for usage.<\/p>\n
Interestingly enough, even though this is a SaaS product, the company decided to forego subscription pricing. Instead it\u2019s going with a\u00a0usage-based pricing model where you pay based on the amount of data processed. This presented some challenges for Muglia as an executive as there weren\u2019t a lot of companies taking this approach. He points to Twilio and Stripe as companies they could look to, but says overall, \u201cWe are helping define how this type of business is\u00a0put together and run.\u201d<\/p>\n
When he came on board, Muglia had been an executive at Juniper for a couple of years after running a huge division at Microsoft previously. He admits that moving to a startup with less than 35 people was a huge transition for him at first.<\/p>\n
\u201cThe company was just two years old when I started in 2014. The product was still in Alpha. We had done zero deals. The fundamentals of the product were there, but there was still a lot of work to do,\u201d Muglia said. He found himself using hands-on management skills he hadn\u2019t had to use in years. Now, as the company grows, he\u2019s taking on the more typical higher level management role.<\/p>\n
The company, which launched in 2012, currently has 450 customers and Muglia says it\u2019s growing fast. Today\u2019s investment\u00a0will help continue that trajectory and move into more worldwide markets, and expand its engineering efforts. It recently opened a new engineering office right in Microsoft\u2019s backyard in Bellevue, Washington.<\/p>\n
Snowflake currently has 175 employees. Muglia could see that going up to 250 by early next year. He\u00a0didn\u2019t want to discuss valuation at this point, but he said the new money puts the company in a strong financial situation with plenty of cash to grow\u00a0moving forward.<\/p>\n
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Featured Image: Ken Reid\/Getty Images<\/small><\/p>\n
Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/7TlowXIuBWE\/<\/p>","protected":false},"excerpt":{"rendered":"
Snowflake Computing, the company that built a\u00a0Data Warehouse as a Service cloud solution, announced a $100 million Series D investment led by Iconiq Capital with help from Madrona Venture Group. <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-4549","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t
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