Jan 25, 2018

Snowflake raises $263 million to warehouse data to the cloud

Source: Giphy

Snowflake Computing, a Silicon Valley provider of data warehousing solutions, has raised $263 million in new venture funding at a $1.5 billion pre-money valuation.

Why it matters: Because the deal's price and size reflect the high stakes of moving legacy enterprise workloads unto the cloud.

Snowflake is the rare startup to compete in a space that is otherwise populated with legacy tech giants like Microsoft, IBM, Google and Teradata. Oh, plus Amazon — even though Snowflake itself is built on top of AWS.

Sequoia Capital co-led the round, alongside existing shareholders Iconiq Capital and Altimeter Capital. Other return backers include Capital One Growth Ventures, Madrona Venture Group, Redpoint Ventures, Sutter Hill Ventures and Wing Ventures.

Bottom line from TechCrunch:

"[CEO Bob] Muglia believes the company’s data lake technology is a foundation for a much broader vision that provides a platform for building data applications. This could be for data sharing between customers or to sell that data. He foresees companies building businesses on top of the data stored in the Snowflake data warehouse much like companies have built businesses on top of the Salesforce platform."

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  2. U.S.: Total confirmed cases as of 5 p.m. ET: 356,942 — Total deaths: 10,524 — Total recoveries: 18,999Map.
  3. 2020 update: Wisconsin governor orders in-person primary voting delayed until June.
  4. States latest: West Coast states send ventilators to New York and other states with more immediate need — Data suggest coronavirus curve may be flattening in New York, Gov. Andrew Cuomo said.
  5. World update: U.K. Prime Minister Boris Johnson moved to intensive care as coronavirus symptoms worsen.
  6. Stocks latest: The S&P 500 closed up 7% on Monday, while the Dow rose more than 1,500 points.
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
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Stocks jump 7% despite bleak coronavirus projections

People passing by the New York Stock Exchange amid the coronavirus pandemic. Photo: John Nacion/NurPhoto via Getty Images

The S&P 500 closed up 7% on Monday, while the Dow rose more than 1,500 points.

Why it matters: The huge market surge comes amid rare optimistic signs that the spread of the coronavirus may be slowing in parts of the country, including New York. But government officials say this will be a difficult week, while economists — including former Fed chair Janet Yellen today — warn that the pandemic could have a catastrophic impact on the global economy.

Boris Johnson moved to intensive care as coronavirus symptoms worsen

Photo: Peter Summers/Getty Images

U.K. Prime Minister Boris Johnson has been taken to the intensive care unit of St. Thomas Hospital in London due to increasingly severe coronavirus symptoms.

The backdrop: Johnson was admitted to the hospital on Sunday for what Downing Street called "routine tests" because his condition had not improved 10 days after he tested positive for the virus. His condition has since "worsened," according to a statement, and Foreign Secretary Dominic Raab will step into his place "where necessary."

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