The world is rich with publicly available data sets that can provide immense value to businesses, in areas as diverse as economics, health, agriculture and transportation. But the data is highly fragmented, stored in different formats and databases around the world, making it very hard for businesses to consume and monetize.
To address this, we are pleased to announce that Snowflake Ventures is investing in Knoema, one of the leading companies that collects, cleans and maintains these public data sets and allows businesses to easily unlock their value. Moving forward, Knoema will be storing and maintaining its data in the Snowflake Data Cloud, meaning users will be able to access this data quickly and easily for no additional charge.
Knoema maintains one of the most comprehensive sources of decision-making data in the world, comprising 3.8 billion data points sourced from 52,000 data sets globally from hundreds of sources. This includes information from world organizations such as the WHO, IMF, World Bank and United Nations, as well as open data from other government entities and enterprises.
Knoema does the critical work of continuously collecting, cleaning and formatting this information, ensuring the data is reliable and can be accessed and put to work quickly. Our investment and partnership with Knoema means thousands of up-to-date data sets will now be available to Snowflake customers, prepared and ready to access through the Snowflake Data Marketplace.
The potential use cases are myriad. Hedge funds use Knoema’s mobility and restaurant data to understand market trends and validate their investment decisions. Global corporations study commodity prices and production data to understand the outlook for supply chains. Of particular relevance lately, Knoema’s live data and insights about COVID-19 are guiding business decisions globally.
Many of these use cases involve machine learning, for which access to large volumes of clean, high-quality data has historically been a challenge. This partnership allows data scientists and researchers to access the data they need with a simple SQL query, accelerating their ability to innovate and to guide business and investment decisions effectively.
Knoema doesn’t merely gather data into one location; its repository includes data sets that, while public, can be extremely hard to find, or that need to be prepared and formatted before use. This is a problem that Knoema has worked tirelessly to solve at scale. For many heterogeneous data sets, Knoema has even designed the dissemination infrastructure for the country or agency that publishes it, ensuring the information is quickly accessible to its users.
In addition to its data repository, Knoema provides a comprehensive platform that simplifies the complex workflow of turning data into actionable insights, saving clients time, energy and budget in reaching their analysis and business goals. We look forward to further product integrations in the future as we deepen our partnership with Knoema.
This investment furthers Snowflake’s mission to help customers, partners and data providers share and monetize the world’s rapidly expanding sources of data in a secure, governed, compliant and seamless way. Our investment in Knoema is the latest step in bringing even more value to the Data Cloud.
This blog contains express and implied forward-looking statements, which are not historical facts and are instead based on our current expectations, estimates and beliefs. The accuracy of such statements involves risks and uncertainties and depends upon future events, including those that may be beyond our control, and actual results may differ materially and adversely from those anticipated or implied by such statements. Any forward-looking statements included herein speak only as of the date hereof and, except as required by law, we assume no obligation to update or otherwise revise any of such forward-looking statements to reflect subsequent events or circumstances..