Cloud-based data warehousing company Snowflake Computing has secured $263m in its latest funding round, based on a $1.5bn valuation of the company. 

Together with Snowflake’s previous investment rounds, including when backers committed $100m to the company last April, it has raised a total of $473m since it launched in 2014. 

Going public

Snowflake Computing CEO Bob Muglia
Snowflake Computing CEO Bob Muglia – LinkedIn

CEO Bob Muglia told TechCrunch the funding round, led by venture capital firms Iconiq Capital, Altimeter Capital and Sequoia Capital, could be the last before a potential IPO. 

He continued to say that the company’s $1.5bn valuation is something to strive towards in terms of revenue, but that is appears to be a “reachable goal,” stating that the company had repeatedly tripled its revenue year-on-year.

Muglia largely attributes the company’s success to changing attitudes towards cloud computing, as customers have gained confidence in the practice; but, he claims, the company has a measure of the potential difficulties of facing the industry’s giants. 

The data warehousing as-a-service company’s goal, for now, is to develop its data lake technology, to drive companies to build applications and ultimately businesses atop the platform, and to culminate in a business model similar to that of cloud software vendor Salesforce.