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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."

Go deeper

In photos: D.C. and U.S. states on alert for pre-inauguration violence

National Guard troops stand behind security fencing with the dome of the U.S. Capitol Building behind them, on Jan. 16. Photo: Kent Nishimura / Los Angeles Times via Getty Images

Security has been stepped up in Washington, D.C., and state capitols across the U.S. as authorities brace for potential violence this weekend.

Driving the news: Following the Jan. 6 insurrection at the U.S. Capitol by some supporters of President Trump, the FBI has said there could be armed protests in D.C. and in all 50 state capitols in the run-up to President-elect Joe Biden's inauguration Wednesday.

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The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.