Snowflake plans to extend the starting accelerator with $ 200 million to additional commitments, the technological giant specializing in cloud -based data storage said on Thursday.
The new capital infusion is following a range of activity by snowflake in recent months depicting the ambitions of the company’s growth.
The Snowflake Startup Accelerator, known as the former as the snowflake funding program, is investing in a wide range of newly established businesses. Specifically, the accelerator invests in newly established AI -based companies based on specific products in the industry in snowflake. The newly established accelerator companies receive technical support from snowflake and access to co-marketing opportunities, as well as credits for Amazon’s public cloud, AWS.
Graduates from previous groups include Coalesce, Andrew NG’s Landingai and Twelvelabs.
Part of the fresh $ 200 million will come from the new and existing Snowflake VC partners, such as Bain Capital Ventures, Blackstone Investments Investments, Bessemer Venture Partners, Capital One Ventures, General Catalayst, Greylock Partners, Hetz Ventures, Mayfield, Newbuild Venture Capital, NTTVC and Areti.
There is some fine printing you need to know. Snowflake noted in a blog post that while participating in VC companies May Invest in Snowflake starting companies, there is no “guarantee” that any particular company will receive funding or that the full target amount will be invested.
Snowflake, which They also announced plans For a new “AI Hub” of 30,000 square foot at Menlo Park campus and an AI upgrade program of $ 20 million, it continues to invest aggressively in AI. Earlier this week, the company announced an extensive partnership with Microsoft to offer access to AI models from Openai. At the end of last year, the snowflake gave in collaboration with many years of cooperation with humanity and the acquired Datavolo, a AI data pipeline company.
Snowflake’s strategy seems to perform. The company has won Wall Street estimates for the latest budgetary quarter (Q4 2024), revenue of $ 987 million.
