INVESTING

Capital One Joins Snowflake’s Series D Funding Round

Investment will help advance Snowflake’s innovative data analytics solutions for the financial services industry.

Snowflake Computing, the only data warehouse built for the cloud, today announced that Capital One Growth Ventures, the venture investing arm of Capital One Financial, has joined its latest round of growth funding, bringing Snowflake’s Series D round to a total of $105 million. The Series D round was announced in April of 2017, led by ICONIQ Capital and accompanied by Madrona Venture Group, and includes all of Snowflake’s existing investors: Altimeter Capital, Redpoint Ventures, Sutter Hill Ventures and Wing Ventures. Since its founding in 2012, Snowflake has raised a total of $210 million in funding.

Capital One is a data-driven enterprise and has been working with Snowflake to deliver the most secure and powerful version of Snowflake’s built-for-the-cloud data warehouse – Virtual Private Snowflake (VPS). Capital One became Snowflake’s first VPS customer in July, and today’s investment of $5 million by Capital One Growth Ventures will help advance Snowflake’s commitment to deliver innovative technology to financial services enterprises. Today, Snowflake also launched VPS to the financial services industry. Read about it here.

“We’re incredibly excited to have an innovative industry leader such as Capital One Growth Ventures join Snowflake as an investor,” Snowflake CEO, Bob Muglia said. “Capital One’s groundbreaking, cloud-first strategy is a beacon to other industry enterprises that want to advance their technology infrastructure. We look forward to many years of collaborating with Capital One to deliver the most ingenious industry solutions.”

VPS is the most advanced edition of Snowflake, delivering a secure and compliant solution to enable regulated enterprises to easily and efficiently derive insights from their data. VPS also provides the flexibility and scale to meet the needs of the large financial services companies.

“Capital One has always been a data-driven company, and we are now an industry leader in adopting new cloud technology,” said VenkateshSeetharam, Partner at Capital One Growth Ventures. “With Snowflake’s unique and forward-thinking data warehouse solution, Capital One and other large enterprises are equipped to deliver even better user experiences for customers. We look forward to continuing our partnership with Snowflake as an investor, and being part of the company’s ongoing innovation and evolution of the cloud industry.”

To read more about the launch of VPS, click here. To read Bob Muglia’s blog about Snowflake’s VPS announcement, click here. You can also learn about the Snowflake features and benefits to protect enterprise sensitive data by clicking here.

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