Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #243
What's 🔥 in Enterprise IT/VC #243A Confluent of events with 🔥⚡and ❄️ shows why Data Space on 🔥
If you’re wondering why 💰 continues to pour into the data infrastructure space, this week is a wonderful reason why. Confluent had a massive IPO raising over $800M and ending the day at over a $11B market cap, Snowflake shared an ambition plan to get to over $10B of revenue, and upstart Firebolt, a next gen Snowflake raised a $127M Series A. If you’re interested in the Confluent story, there is no better place to start than founder Jay Kreps 🧵 on the journey to IPO. Going from OSS to ☁️ was huge but also consumed whole company… Next up, read Snowflake’s recent Investor Day Deck as you have to ❤️ the ambition and confidence of ❄️ as it lays out a plan to get to $10B of product revenue when they are at $554M today. There are lots of areas of future investment which I’m sure will attract tons of VC 💰 in the coming year. 😲 what do you do when you have NRR>160% + $554M of Revenue? You put together an analyst day showing the path to $10B in revenue! Pitch the data cloud + future of data collaboration + monetization! Let’s go @HarbrData
Slides for @SnowflakeDB here: s26.q4cdn.com/463892824/file… Two 🔑s to continued growth will be in continuing to land and expand and add more products. The next big thing at Snowflake is the concept of the data cloud which is all about data sharing as you can see from the graph below. Area #2 for the future is a step towards one day, perhaps, entering the transactional data space, yes transactions and not just analytics. From a recent Deutsche Bank Research Report (June 11):
Given this context, it’s no surprise that Firebolt raised a massive $127M Series A round this past week as it has been pegged as a Snowflake killer with a focus on speed and a way better developer first experience. Firebolt Analytics, which builds a cloud data warehouse designed for rapid analysis of large data sets, raises $127M Series B led by Dawn Capital and K5 Global (@Mike_Wheatley / SiliconANGLE)
siliconangle.com/2021/06/24/fir…
Bonus from this week is OSS database company Couchbase’s recent S-1 filing and Neo4J’s $325M Series F funding for its graph database.
As I like to say there a few certainties in life, death, taxes, and the growth of data. As always, 🙏🏼 for reading and please share with your friends and colleagues. Scaling Startups
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