Of the 19 tech companies that went public so far this year, 18 of them debuted at an average price of $23. The 19th company — Snowflake Inc. — opened at $120 and swiftly rose to set a record for the largest IPO by a U.S. software company in history.
The company’s valuation, currently at about $77 billion, spotlights a trend in enterprise tech: The data warehousing market is being transformed through Snowflake’s steadfast vision of creating a highly scalable, centralized and simple solution, tailor-made for a new class of workloads emerging in the cloud.
“Data warehousing is old, slow, cumbersome, expensive and resource intensive,” said Dave Vellante, chief analyst at SiliconANGLE Media’s sister market research firm Wikibon and host of SiliconANGLE Media’s livestreaming video studio theCUBE. “It’s failed to live up to expectations of near real-time access to data. Snowflake attacked that problem and breathed life back into the stagnant data warehouse market by making it simpler and cloud native.”
On Nov. 17, theCUBE will speak with Snowflake executives and thought leaders during the company’s virtual Data Cloud Summit 2020. Coverage includes a focus on product news and use cases, the value of the data cloud, Snowflake’s IPO, security and data governance, and Snowflake’s position in the market compared to other cloud providers. (* Disclosure below.)
Scalable and cloud native
Those who followed Snowflake closely weren’t surprised by its record-breaking September IPO. The company says 515 million data workloads currently run on Snowflake’s cloud platform each day. And the company has 250 petabytes of data under management — in comparison, the total amount of data processed by Google is 20 petabytes per day.
Snowflake’s enterprise popularity extends to its platform tools to store, retrieve, analyze and process data from a readily accessible system. And the company has also made its cloud native commitment clear.
“We’re not doing this endless hedging that people have done for 20 years, sort of keeping a leg in both worlds,” said Frank Slootman, chairman and chief executive of Snowflake, during a CUBE interview earlier this year. “Forget it. This will only work in the public cloud. People will come to the public cloud a lot sooner than we’ll ever come to the private cloud.”
Snowflake’s cloud native commitment allows the company to take advantage of features and APIs in multiple cloud platforms to deliver efficiency, low latency, high performance and security, all coveted by today’s enterprises. The company defines its competitive edge in what it calls the “data cloud,” where its architecture delivers near-unlimited compute and storage in real time while supporting workloads across multiple clouds with engineering, data science, warehousing and application development.
“There is a new breed of data-centric workloads emerging in the cloud, which take advantage of cloud native capabilities to scale storage independent of compute, share data and do so in a governed and secure manner,” Vellante noted. “Simplified and secure access to shared data in the cloud is changing the way organizations approach putting data at the core of their businesses. The market potential is enormous, and this idea of a so-called data cloud is compelling to organizations that want to create a data-first culture.”
Livestream of Data Cloud Summit
Data Cloud Summit is a livestream event, with additional interviews to be broadcast on theCUBE. You can register for free here to access the live event.
How to watch theCUBE interviews
We offer you various ways to watch the live coverage of Data Cloud Summit, including theCUBE’s dedicated website and YouTube channel. You can also get all the coverage from this year’s events on SiliconANGLE.
TheCUBE Insights podcast
Guests who will be interviewed on theCUBE during Data Cloud Summit
Guests who will be interviewed on theCUBE during Data Cloud Summit include Snowflake executives Frank Slootman, chairman and chief executive officer; Benoit Dageville, co-founder and president of products; Sunny Bedi, chief information officer and chief data officer; Colleen Kapase, vice president of worldwide partnerships and alliances; Chris Degnan, chief revenue officer; Matt Glickman, vice president of customer product strategy; and Denise Persson, chief marketing officer of Snowflake Inc. TheCUBE will also speak with Snowflake’s Allison Lee, director of engineering and founding engineer; Abdul Munir, senior engineering manager and founding engineer; Ashish Motivala, senior engineering manager and founding engineer; and Christian Kleinerman, senior vice president of product at Snowflake Inc.
Other guests to be interviewed on theCUBE include Anita Lynch, vice president of data governance, instrumentation and data architecture, Disney Streaming Services, at The Walt Disney Co.; Casey McGee, vice president of global ISV sales at Microsoft; Ann-Christel Graham, chief revenue officer at Talend; Mark Nelson, executive vice president of product development at Tableau Software; and Mai-Lan Tomsen Bukovec, vice president of storage at AWS.
Additional interviews include Florian Douetteau, chief executive officer of Dataiku; Laura Langdon, chief marketing officer of Wipro; Scott Holden, chief marketing officer of ThoughtSpot; and Aimee Irwin, vice president of strategy and partnerships at Experian.
(* Disclosure: TheCUBE is a paid media partner for Data Cloud Summit 2020. Neither Snowflake Inc., the sponsor for theCUBE’s event coverage, nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)
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