Snowflake to invest $100m in startups developing native apps under new funding scheme

Snowflake, the Data Cloud giant, announced the launch of a new 'Powered by Snowflake Funding Program' at their 'Snowday 2023' event. This initiative is set to invest up to $100 million towards cultivating a new generation of early-stage startups focused on creating Snowflake Native Apps.

The funding scheme boasts the backing of ten renowned venture capital firms, including Altimeter Capital, Amplify Partners, Anthos Capital, Coatue, ICONIQ Growth, IVP, Madrona, Menlo Ventures, Redpoint Ventures, and Snowflake's own venture outfit, Snowflake Ventures. In a significant move to stimulate growth and innovation, Amazon Web Services (AWS) will provide up to $1M in free Snowflake credits on AWS over four years to startup developers committed to crafting Snowflake Native Apps.

A shift has been noted in the way corporate applications are deployed, moving towards unifying apps and application code with their data. Accompanying improvements in AI-based technological advancements like Snowpark, the Snowflake Native App Framework, are facilitating startups to develop, deploy, and monetise enterprise apps with increasing ease. "With our venture capital partners and AWS, the Powered by Snowflake Funding Program will expedite this new era of software development," stated Stefan Williams, VP Corporate Development and Snowflake Ventures at Snowflake.

Howard Wright, Vice President and Global Head of Startups at AWS, underlined the needs of data-intensive and AI-enriched startups, with the Snowflake platform as an optimal resource. AWS is looking forward to their involvement in the Powered by Snowflake Funding Program, facilitating builders to connect enterprises and their consumers, thereby improving product and service delivery.

Apps 'Powered by Snowflake' enjoy the speed, scalability, performance, and user-friendliness of the Snowflake platform, contributing to faster market access, operational efficiency, and enhanced customer experience. The Snowflake Native App Framework helps developers create, market, monetise, and distribute their apps to customers throughout the Data Cloud ecosystem. Secure data sharing allows app builders on Snowflake to draw from a larger pool of information for improved insight delivery, providing a competitive edge.

Alexis Steinman, co-CEO at Maxa, shared how the Snowflake Native Apps model revolutionised their business. Maxa leveraged the Snowflake platform to facilitate secure delivery of their value to some of the world's largest companies. The Snowflake Marketplace offered an efficient pathway for client connectivity.

The data-industry behemoth unveiled a host of advancements, enabling developers to construct ML models and full-stack applications in the Data Cloud. Innovations to harness generative AI, enhancements demolishing data silos, and improved dossier compliance and governance capabilities were some of the highlights at 'Snowday 2023'.

Comments from program participants underlined the transformative effect of Snowflake's funding scheme. Claimed as a "paradigm shift in how B2B software is sold and delivered" by Mark LaRosa, Partner at Amplify Partners, the initiative is projected to accelerate adoption and streamline the deployment process benefiting both enterprises and end users. Other participants echoed the groundbreaking essence of the program, its promise in surmounting trust-building challenges faced by startups, and the future collaborations it fosters.