Data warehouses may not grab the attention of young founders looking to build the next viral app or drone. But at startup Snowflake Computing, CEO Bob Muglia is proving there’s still huge money in the category.
Snowflake announced a new funding round on Thursday that will pump $263 million into San Mateo, Calif.-based company. Led by Sequoia Capital and previous investors ICONIQ Capital and Altimeter Capital, the funding values the company at $1.5 billion.
“Every CEO knows they need to be data-driven in the modern world, but if you go out and talk to them, they’d tell you they have a tremendous distance they could improve,” Muglia says. “Many of them are frankly in the dark ages of working with data.”