Snowflake plans to enhance its startup accelerator with an additional $200 million in capital. This decision underscores the company’s commitment to fostering innovation in the tech sector.
The Snowflake Startup Accelerator, previously known as the Powered by Snowflake Funding Program, focuses on early-stage startups, particularly those developing AI-based industry-specific products. Participating startups benefit from technical support, co-marketing opportunities, and credits for Amazon Web Services (AWS).
Notable graduates from the accelerator include companies like Coalesce, LandingAI, and TwelveLabs. The new funding will come from both new and existing venture capital partners, which include Bain Capital Ventures, Blackstone Innovations Investments, and Bessemer Venture Partners, among others.
However, it’s important to note that while these VC firms may invest in accelerator companies, there’s no guarantee of funding for any specific startup.
In addition to the accelerator expansion, Snowflake announced plans for a new 30,000-square-foot AI hub at its Menlo Park campus and a $20 million AI upskilling initiative. The company continues to pursue aggressive investments in AI, having recently expanded a partnership with Microsoft to provide access to AI models from OpenAI.
Snowflake’s growth strategy seems effective, as the company reported $987 million in revenue for its most recent fiscal quarter, exceeding Wall Street estimates.
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