Snowflake has announced the launch of a major new funding initiative to catalyze growth and innovation among startups developing applications powered by Snowflake's technology.
Dubbed the Powered by Snowflake Funding Program, the company intends to invest up to $100 million in early-stage startups building apps natively on the Snowflake platform. The program brings together 10 leading venture capital firms, including Altimeter Capital, ICONIQ Growth, Madrona Ventures, and Redpoint Ventures, to identify and fund the next generation of Snowflake-based startups.
Additionally, Amazon Web Services (AWS) will provide up to $1 million in Snowflake credits on AWS over four years to qualifying startups in the program. This will give developers added resources to build and scale Snowflake Native Apps in the cloud.
The goal of the new funding program is to expand Snowflake's partner ecosystem and accelerate time-to-market for startups leveraging Snowflake's technology. With the upcoming general availability of Snowflake's Native Application Framework, developers can build, distribute and monetize apps entirely within Snowflake's platform. They can tap into customer data securely to deliver enhanced insights.
According to Snowflake's announcement, apps built natively on Snowflake can benefit from the performance, scalability and ease-of-use of Snowflake's architecture. The ability to deploy apps closer to customer data can also improve efficiency and customer experience.
With the Powered by Snowflake Funding Program, the cloud data giant aims to maintain its rapid growth by fostering innovation and new use cases among next-generation startups. The $100 million fund underscores Snowflake's commitment to its partner ecosystem as it continues expanding the Snowflake Data Cloud.