Data company, Snowflake, is raising new funding at a valuation of $12.4 billion, multiple sources tell Forbes—making it one of tech’s most valuable private companies in the world by alexrkonrad
Share to linkedin... [+]Data company Snowflake, which operates in the booming cloud computing market, is set to become one of tech’s most valuable private companiesSnowflake is raising new funding at a valuation of $12.4 billion, multiple sources tell. The round, which is set to raise $479 million, is expected to be led by growth investor Dragoneer Investment Group with participation from Salesforce, according to a source with knowledge of the round.
Snowflake would also gain a powerful ally in strategic investor Salesforce, the customer relationship management giant with a market capitalization of about $165 billion. Snowflake and Dragoneer declined to comment on the funding. Shortly after publication, a Salesforce spokesperson confirmed the company was participating as a co-lead in the funding round.
By acting as a virtual data lake, or easily-searchable, in-between layer between cloud providers and a company’s own programs and apps, Snowflake allows a customer to store and make more use of their data interchangeably across the providers, a necessity, and sometimes a strategic imperative, for large or complex enterprises.
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