Snowflake launches $100M Powered By Snowflake Funding Program
Data Cloud company Snowflake launched its Powered By Snowflake Funding Program to invest up to $100 million in early-stage startups building Snowflake Native Apps. The Powered by Snowflake Funding Program includes leading venture capital firms Altimeter Capital, Amplify Partners, Anthos Capital, Coatue, ICONIQ Growth, IVP, Madrona, Menlo Ventures, Redpoint Ventures, and Snowflake Ventures.
Snowflake empowers organizations to leverage their data through the Data Cloud. Users can integrate disparate data, securely share it, fuel data applications, and run various AI/ML, and analytic tasks. Furthermore, Snowflake provides a unified data experience across different clouds and locations. As of July 31, 2023, thousands of customers, including 639 companies from the 2023 Forbes Global 2000, rely on Snowflake Data Cloud.
Stefan Williams, VP of Corporate Development and Snowflake Ventures at Snowflake, commented:
“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. With our venture capital partners and AWS, the Powered by Snowflake Funding Program will accelerate this new era of software development.”
The “Powered by Snowflake Funding Program” aims to promote Snowflake Native Apps. Snowflake receives no financial gain from startups or venture capital firms involved in the program. Although these venture capital firms might invest in startups, Snowflake does not influence their decisions, and funding outcomes are uncertain. Apps powered by Snowflake benefit from its speed, scale, and user-friendly platform, enabling faster market entry and improved efficiency.
The Snowflake Native App Framework, soon available on AWS, allows developers to create, market, and distribute apps via Snowflake Marketplace securely. This secure data collaboration enables access to more data sources, enhancing insights and differentiation for businesses. In addition, the Snowflake Native App Framework will soon be available on Amazon Web Services. AWS will also provide up to $1 million in free Snowflake credits. These will be available to the startups for over four years. Moreover, this support will empower startups to fuel their growth and foster innovation.
Howard Wright, Vice President and Global Head of Startups at AWS, said in a statement:
“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. 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.”
