SnowflakeData company Snowflake, which operates in the booming cloud computing market, is set to become one of tech’s most valuable private companies in the world. Snowflake is raising new funding at a valuation of $12.4 billion, multiple sources tell Forbes. The San Mateo, Calif.-based cloud company is expected to announce the funding on Monday. 2 on the 2019 Forbes Cloud 100 list, raised $263 million at a $1.5 billion valuation in a round led by venture capital firm Sequoia Capital, and including ICONIQ Capital and Altimeter Capital. With the new funding, Snowflake is expected to have raised more than $1.4 billion to date.

Source: Forbes February 07, 2020 23:48 UTC