Snowflake Computing Raised $270 Million at $1.5 Billion Valuation

Snowflake Computing, a five-year-old cloud database startup, has raised a $270 million Series E round of funding at a $1.5 billion valuation from existing investors, including Iconiq Capital and Altimeter Capital, according to a person with knowledge of the matter.

The new valuation appears to be a significant increase on the reported $500 million value at which Snowflake raised money last year. Snowflake is in a fast-growing segment of the cloud computing market, selling cloud “data warehouse” software, which collects data from multiple sources within a company and stores it in a central location.