Snowflake acquires CryptoNumerics assets for US $7.1M

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By CPE News

CPE News (8/35/2020) – In July 2020, Snowflake acquired the assets of CryptoNumerics Inc. Financial terms were not disclosed.

In its initial public offering (IPO) filing, Snowflake has disclosed that it “acquired certain assets from a privately-held company for [US] $7.1 million in cash.” Snowflake accounted for this transaction as a business combination.

Founded by Monica Holboke, Hassan Bhatti, Jimmy Fan, and Roberto Betancourt, Toronto based CryptoNumerics enables organizations to use data to gain insights while overcoming privacy and data residency issues.

CryptoNumerics was backed by 11.2 Capital, Lux Capital, Silicon Valley Data Capital and others. It raised US $2.5 million in seed funding led by 11.2 Capital in August 2018.

San Mateo, California based Snowflake is a cloud data warehouse company. Its Cloud Data Platform enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data. We deliver our platform through a customer-centric, consumption-based business model, only charging customers for the resources they use.

In February 2020, Snowflake closed a US $478.8 million Series G round of financing with a valuation of US $12.4 billion.

photo credit: CryptoNumerics