Snowflake, the cloud-based data storage giant, has announced plans to expand its startup accelerator program with an additional $200 million in commitments. This move comes as part of Snowflake’s ongoing efforts to fuel its growth ambitions.
Formerly known as the Powered by Snowflake Funding Program, the Snowflake Startup Accelerator invests in early-stage startups, particularly those developing AI-based industry-specific products on the Snowflake platform. Startups accepted into the accelerator receive technical support from Snowflake, access to co-marketing opportunities, and credits for Amazon’s public cloud, AWS.
The accelerator has already seen success, with notable graduates from previous cohorts including Coalesce, Andrew Ng’s LandingAI, and Twelve Labs.
To fund the expansion of the accelerator, Snowflake has secured investments from a range of venture capital partners, including Bain Capital Ventures, Blackstone Innovations Investments, and General Catalyst, among others.
However, it’s important to note that while participating VC firms may invest in Snowflake Startup Accelerator companies, there is no guarantee of funding for any specific company or that the full target amount will be invested.
In addition to the accelerator expansion, Snowflake has recently made other strategic moves in the AI space. The company has announced plans for a new “AI hub” at its Menlo Park campus and a $20 million AI upskilling program. Snowflake has also formed a partnership with Microsoft to provide access to AI models from OpenAI and acquired Datavolo, an AI data pipeline firm.
These investments in AI, along with the expansion of the startup accelerator, have contributed to Snowflake’s success. In its most recent fiscal quarter (Q4 2024), the company surpassed Wall Street analyst estimates, generating $987 million in revenue. Snowflake’s commitment to innovation and its focus on supporting early-stage startups position it as a key player in the rapidly evolving world of cloud-based data storage.
