5/11/2023 0 Comments Cloud iconiq growth 7.5b![]() “The theory is that digital transformation is inevitable, so our vision is to transform that market so people could do that, and that is what we are building nearly a decade later.” “What we had before in the market didn’t work for that world,” he said. Netskope co-founder and CEO Sanjay Beri told TechCrunch that since its founding in 2012, the company’s mission has been to guide companies through their digital transformation by finding what is most valuable to them - sensitive data - and protecting it. The oversubscribed insider investment was led by ICONIQ Growth, which was joined by other existing investors, including Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures and Geodesic Capital. “One of the biggest questions from customers has been, ‘what is your future.’ It became a lot easier to answer that after the last round and this round will put that question to rest,” he said.Netskope, focused on Secure Access Service Edge architecture, announced Friday a $300 million investment round on a post-money valuation of $7.5 billion. He’s confident because he has led the company through tremendous growth and he believes they are just reaching a point of broader acceptance in the marketplace that can really drive that growth further. He expects that to rise to 600 within the year. In fact, that’s a big part of his long-term vision for the company.įor now, the company has 330 employees, up from 175 during the $100 million round in April. He foresees companies building businesses on top of the data stored in the Snowflake data warehouse much like companies have built businesses on top of the Salesforce platform. This could be for data sharing between customers or to sell that data. Muglia believes the company’s data lake technology is a foundation for a much broader vision that provides a platform for building data applications. “The money gives us the ability to compete against the alternatives that customers are looking at and these are the richest companies in the world: Amazon, Microsoft Oracle and Google,” he explained. Muglia, who was a Juniper Networks and Microsoft executive before joining Snowflake as employee #34, acknowledged the enormity of the size of the round, but he says they are competing against some of the biggest names in the tech world and that requires massive amounts of capital. Muglia says that the market is accelerating as companies become more comfortable with moving massive data stores to the cloud. Current customers include Capital One, Adobe, Nielsen and Rent the Runway. What’s more, they are continuing to add new names and expect to double in the next year. He says that the company has over 1000 customers, up from 450 in April. While Muglia wouldn’t discuss specific revenue numbers, he did say Snowflake has been tripling or better year over year and that growth was part of what attracted investors. When we look at our revenue and ultimately generate earnings, we believe this is realistic and we will be able to grow upon this over time,” he said. “It’s a realistic number, one we will grow into. This funding allows us to go directly to IPO and gives us sufficient capital, that if we choose, IPO would be our next funding step,” he said.Īs for that unicorn valuation, he did say it’s something the company needs to grow into in terms of revenue, but he firmly believes it’s a reachable goal. “We have put ourselves on the path to IPO. As you would expect though, Muglia wasn’t making any commitments in terms of a timeline. Today’s announcement comes on top of the $100 million round last spring and brings the total raised to $473 million, according to the company.ĬEO Bob Muglia said that this is probably the final round before a possible IPO. The round was led by a trio of big-name Silicon Valley VC firms including existing investors Iconiq Capital and Altimeter Capital and new investor Sequoia Capital. Snowflake, the cloud-based data warehouse service, announced an enormous investment round today, pulling in a whopping $263 million on a unicorn valuation of $1.5 billion.
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