Snowflake Launches Powered By Snowflake Funding Program Investing Up to $100 Million in Innovative Apps in the Data Cloud
- The funding program features 10 iconic venture capital firms and aims to expand the ecosystem and accelerate growth for startups building Snowflake Native Apps
- AWS will provide up to $1M in free Snowflake credits on AWS over four years to Snowflake Native Apps developers
Snowflake (NYSE:SNOW), the Data Cloud company, today announced at its Snowday 2023 event, the launch of the Powered by Snowflake Funding Program, which intends to invest up to $100 million dollars toward the next generation of early stage startups building Snowflake Native Apps. The Powered by Snowflake Funding Program features leading venture capital firms Altimeter Capital, Amplify Partners, Anthos Capital, Coatue, ICONIQ Growth, IVP, Madrona, Menlo Ventures, Redpoint Ventures, and Snowflake Ventures. As part of the Powered by Snowflake Funding Program, Amazon Web Services (AWS) will further fuel growth and innovation by providing up to $1M in free Snowflake credits on AWS over four years to startups building Snowflake Native Apps.
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Snowflake Launches Powered By Snowflake Funding Program Investing Up to $100 Million in Innovative Apps in the Data Cloud (Graphic: Business Wire)
"A new way to deploy enterprise applications is emerging as companies look to bring their apps and application code closer to their data. Innovative enhancements in AI enabled through Snowpark, the Snowflake Native App Framework, and Snowflake's industry leading data privacy, security, and governance, make it easier than ever for startups to build, deploy, and monetize enterprise apps," said Stefan Williams, VP Corporate Development and Snowflake Ventures at Snowflake. "With our venture capital partners and AWS, the Powered by Snowflake Funding Program will accelerate this new era of software development."
"As more startups build and scale innovative data intensive and AI enriched apps, we want to offer them the resources they need to hit the market faster—and the Snowflake platform is a great example of that," said Howard Wright, Vice President and Global Head of Startups at AWS. "AWS is thrilled to contribute to the Powered by Snowflake Funding Program and make it easier for builders to connect the dots between enterprises and their customers to deliver even better products and services."
Apps that are Powered by Snowflake benefit from the speed, scale, performance, and ease-of-use of Snowflake's platform for accelerated time to market, improved operational efficiency, and a more seamless customer experience. With the Snowflake Native App Framework, generally available soon on AWS, developers can build an app, market, monetize, and distribute it to customers across the Data Cloud ecosystem via Snowflake Marketplace, all from within Snowflake's secure and governed platform. Secure data collaboration techniques allow companies building apps on Snowflake to access more data - from partners, customers, or data providers - to deliver enhanced insights which can act as a differentiator.
Maxa, winner of this year's Snowflake Startup Challenge, set out to automate financial and operational (ERP) insights fast, without the age-old headaches associated with running one or many ERP systems. Their business was accelerated with Snowflake Native Apps. "The ability to run Maxa within our end-customer's Snowflake account, where their data already lives, and in a way that they maintain complete control of it, fundamentally changed our business. Launching as an enterprise-grade startup from the very beginning, we're able to sell and securely deliver value to some of the world's largest companies. And being able to distribute and monetize on Snowflake Marketplace has made it easy to connect with customers," said Alexis Steinman, co-CEO at Maxa. "As the 2023 Startup Challenge winner and a company that was born in the Data Cloud, we've gotten to experience first-hand the incredible technology and business opportunities available to startups in the Snowflake ecosystem."
Snowflake also unveiled advancements that make it easier for developers to build ML models and full-stack apps in the Data Cloud, innovations that enable all users to securely tap into the power of generative AI with their enterprise data, enhancements to further eliminate data silos and strengthen Snowflake's leading compliance and governance capabilities through Snowflake Horizon, and more at Snowday 2023.
Comments from Program Participants
Brad Gerstner, Founder and CEO at Altimeter Capital - "Leading data and AI companies are increasingly building their entire business on the Snowflake platform. As we did with Samooha, one of the first adopters of Snowflake Native Apps, we are happy to partner with Snowflake to accelerate this incredible progress."
Mark LaRosa, Partner at Amplify Partners - "The ability to deploy a new product offering and connect to the end-customer's data is a paradigm shift in how B2B software is sold and delivered. Historically, startups encountered a byzantine maze of security approvals, vendor reviews, and more just to get through a mere evaluation, let alone production-level access to data. Snowflake is at the forefront of streamlining this deployment and massively accelerating adoption for both companies as well as end users. We're looking forward to Snowflake Native Apps enabling a new class of startups and are excited to deepen our partnership with Snowflake to help catalyze their growth."
Sam Teden and Jeff Stapleton, Investors at Anthos Capital - "We believe Snowflake will fundamentally change how software is delivered and we are thrilled to be partnering on this funding program. Having the ability to build directly on Snowflake enables entrepreneurs and companies to go to market more quickly and eliminates common compliance hurdles faced by B2B software companies. Anthos is proud to support the effort to accelerate the shift in mobilizing data."
Andy Chen, General Partner, Coatue - "The data platform is one of the most important components of the modern data stack and we expect to see a generation of new startups that will be built on top of data leaders, like Snowflake. We are thrilled to join Snowflake and fellow investors to spark this new wave of innovation."
Matt Jacobson, General Partner, ICONIQ Growth - "One of the most difficult challenges startups face is earning the trust of their prospective customers, especially when their product requires access to their customers' data. Snowflake Native Apps are changing this dynamic by allowing startups to deploy their data-intensive and AI-infused apps entirely within the end customer's data platform - eliminating data movement and significantly strengthening trust. ICONIQ Growth is excited to continue its long-standing partnership with Snowflake and support this new era of development helping startups build apps to put data to work."
Shravan Narayen, Partner at IVP - "As a former Snowflake PM, I've seen firsthand how Snowflake Native Apps can transform development and enterprise adoption for data-intensive applications. We look forward to collaborating with Snowflake and these ambitious founders as they scale."
S. Somasegar, Managing Director, Madrona - "Every company is building Intelligent Applications leveraging the power of data and AI that they have access to. These applications want to stay close to the data, which for many enterprises is already in Snowflake. The Snowflake Data Cloud and the program to nurture and support startups building Snowflake Native Apps means that enterprises will have an easier on-ramp to offering Intelligent Applications and startups will have the fuel they need to build and sell enterprise grade AI-driven applications. We are excited to work with Snowflake and start-ups through this new program."
Tim Tully, Partner, Menlo Ventures - "We're excited to partner with Snowflake to help this new generation of software companies, which have data and AI at their core, develop innovative products and scale their businesses."
Satish Dharmaraj, Managing Director at Redpoint Ventures - "As a longtime partner of Snowflake, we continue to be excited about the pivotal role Snowflake plays in the industry for companies of all sizes, but especially those just getting started on their journey. We're in such early innings of AI and it's incredibly impactful to see Snowflake making it easier for the next generation of Snowflake Native App builders to build and scale their businesses."
Learn More:
- Register your interest at: Powered by Snowflake Startup Program.
- Take the Snowflake Native App Bootcamp course.
- Apply for the 2024 Snowflake Startup Challenge.
- Stay on top of the latest news and announcements from Snowflake on LinkedIn and Twitter.
The "Powered by Snowflake Funding Program" is a program designed to drive awareness and creation of Snowflake Native Apps. Snowflake does not receive any compensation from the startups or the venture capital firms for their participation in the program. While the participating venture capital firms may invest in the startup companies, Snowflake plays no role in their decision-making process, and there is no guarantee that any particular company will receive funding through the program or that the target amount will be invested. Snowflake is not a registered broker-dealer, investment adviser, or other similar intermediary.
About Snowflake
Snowflake enables every organization to mobilize their data with Snowflake's Data Cloud. Customers use the Data Cloud to unite siloed data, discover and securely share data, power data applications, and execute diverse AI/ML and analytic workloads. Wherever data or users live, Snowflake delivers a single data experience that spans multiple clouds and geographies. Thousands of customers across many industries, including 639 of the 2023 Forbes Global 2000 (G2K) as of July 31, 2023, use Snowflake Data Cloud to power their businesses. Learn more at snowflake.com.
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