Snowflake Inc. today launched Snowflake for Startups, a new program that will provide capital and other resources to startups building software on its platform.

The big-data and AI company operates a popular cloud data platform that helps companies analyze their business information. Additionally, customers can use that information to build artificial intelligence applications. AI is a major focus of the software maker’s new startup program.

Snowflake for Startups is a revamped version of an earlier program called Powered by Snowflake. It’s backed by Snowflake Ventures, the company’s venture capital fund. The software maker disclosed today that the fund will speed up the pace at which it makes investments by 30% this year. The move is set to bring Snowflake Ventures’ portfolio company and exit count to 65. 

Snowflake collaborates with venture capital firms on its startup investment efforts. Stefan Williams, the company’s head of corporate development, detailed in a blog post that those partnerships will be expanded. “VCs get early insight into cutting-edge startups building on Snowflake, and their portfolio companies get access to resources such as free Snowflake credits and technical experts,” he wrote.

The Snowflake for Startups venture capital network comprises more than a dozen investors. The group includes Coatue, Greylock Partners, Madrona Ventures, Capital One Ventures and other major funds.

For early-stage startups, Snowflake is offering a six-month accelerator program called the Snowflake Startup Accelerator. It provides access to cloud credits, go-to-market support and technical guidance. Snowflake disclosed today that applications to the program are up more than 300% this year.

The company will provide additional resources for startups working on AI projects. According to Snowflake, eligible teams will receive “dedicated access to inference capacity within Snowflake’s security perimeter.” They can use that capacity to run workloads on multiple frontier models managed by the company.

Snowflake announced the startup program during the inauguration of a new facility it dubs the Silicon Valley AI Hub, or SVAI. It’s a 28,000-square-foot office in Menlo Park, California, that provides coworking spaces for startups. Snowflake will also host AI-focused educational events. 

“Startups also get valuable visibility and exposure to Snowflake’s global ecosystem: Partner programs, co-selling opportunities through Snowflake Accelerate, startup events and showcases, each offering a chance to get your name in front of relevant audiences,” Williams wrote.

Other major tech firms also operate startup funds. Alphabet Inc., for example, has not one but three such investment vehicles. Its GV and CapitalG funds back early- and late-stage companies, respectively. A third unit called Gradient Ventures focuses on backing AI startups.

Photo: Snowflake