Snowflake has announced plans to expand its startup accelerator with an additional $200 million in commitments. This move is part of the company’s ongoing growth strategy and follows several recent developments showcasing its ambitions in the tech space.
The Snowflake Startup Accelerator, previously known as the Powered by Snowflake Funding Program, focuses on investing in early-stage startups, particularly those creating AI-driven products tailored to specific industries using Snowflake’s cloud platform. Participating startups gain technical support, co-marketing opportunities, and credits for Amazon Web Services (AWS).
Notable graduates from previous accelerator cohorts include companies like Coalesce, Andrew Ng’s LandingAI, and TwelveLabs.
The new funding will be contributed by Snowflake’s current and new venture capital partners, such as Bain Capital Ventures, Bessemer Venture Partners, and General Catalyst. However, Snowflake emphasized that while these partners may invest in accelerator companies, there’s no guarantee of funding or that the full target amount will be allocated.
Snowflake has also unveiled plans for a 30,000-square-foot “AI hub” at its Menlo Park campus and a $20 million AI upskilling initiative. The company continues to heavily invest in AI, with recent moves including a partnership expansion with Microsoft to provide access to OpenAI models, as well as a deal with Anthropic and the acquisition of AI data pipeline firm Datavolo.
These efforts seem to be yielding results, as Snowflake recently exceeded Wall Street’s revenue expectations for Q4 2024, posting $987 million in revenue.
