Snowflake grows startup accelerator with $200M in new capital

Snowflake plans to expand its startup accelerator with $200 million in additional commitments, the tech giant that specializes in cloud-based data storage said Thursday. The new injection of capital follows a string of activity by Snowflake over the past several months that illustrates that company’s growth ambitions. The Snowflake Startup Accelerator, formerly known as the Powered by Snowflake Funding Program, invests in a broad range of early-stage startups. Notably, the accelerator invests in startups building AI-based industry-specific products on Snowflake. Startups in the accelerator receive technical support from Snowflake and access to co-marketing opportunities, as well as credits for Amazon’s public cloud, AWS. Graduates from previous cohorts include Coalesce, Andrew Ng’s LandingAI, and TwelveLabs. A portion of the fresh $200 million will come from Snowflake’s new and existing VC partners, including Bain Capital Ventures, Blackstone Innovations Investments, Bessemer Ventu ... Read full article.