Snowflake plans to develop its startup accelerator with $200 million in further commitments, the tech big that focuses on cloud-based information storage said Thursday.
The brand new injection of capital follows a string of exercise by Snowflake over the previous a number of months that illustrates that firm’s progress ambitions.
The Snowflake Startup Accelerator, previously often called the Powered by Snowflake Funding Program, invests in a broad vary of early-stage startups. Notably, the accelerator invests in startups constructing AI-based industry-specific merchandise on Snowflake. Startups within the accelerator obtain technical assist from Snowflake and entry to co-marketing alternatives, in addition to credit for Amazon’s public cloud, AWS.
Graduates from earlier cohorts embody Coalesce, Andrew Ng’s LandingAI, and TwelveLabs.
A portion of the contemporary $200 million will come from Snowflake’s new and current VC companions, together with Bain Capital Ventures, Blackstone Improvements Investments, Bessemer Enterprise Companions, Capital One Ventures, Common Catalyst, Greylock Companions, Hetz Ventures, Mayfield, NewBuild Enterprise Capital, NTTVC, and Advantage.
There’s some high-quality print to pay attention to. Snowflake famous in a weblog submit that whereas collaborating VC companies might put money into Snowflake Startup Accelerator corporations, there’s “no assure” that any specific firm will obtain funding or that the total goal quantity might be invested.
Snowflake, which also announced plans for a brand new 30,000-square-foot “AI hub” at its Menlo Park campus and a $20 million AI upskilling program, continues to speculate aggressively in AI. Earlier this week, the corporate introduced an expanded partnership with Microsoft to supply entry to AI fashions from OpenAI. Late final 12 months, Snowflake inked a multi-year partnership with Anthropic and bought Datavolo, an AI information pipeline agency.
Snowflake’s technique seems to be paying off. The corporate beat Wall Road analyst estimates for its most up-to-date fiscal quarter (This autumn 2024), notching $987 million in income.