Toronto-based enterprise software startup Cryptonumerics has been acquired by Snowflake Inc., the California-based cloud-based data-warehousing startup that is anticipated to go public on the Nasdaq later this year.
Cryptonumerics’s website states the startup has joined Snowflake, with a message that reads, “stay tuned for more information.”
Cryptonumerics’s website states the startup has joined Snowflake, with a message that reads, “stay tuned for more information.” Multiple LinkedIn accounts of the Toronto startup’s employees, including co-founders Roberto Cervantes and Monica Holboke, state it was acquired in July 2020. BetaKit reached out to multiple Cryptonumerics employees regarding the deal, who declined to comment.
The startup’s employees and executives continue to be listed as Cryptonumerics employees on LinkedIn. It is unclear at this time whether the startup will continue to operate independently or merge with Snowflake.
Cryptonumerics is an enterprise software company that was founded in 2018 by a group of five entrepreneurs, with the goal of ensuring that data is useful and relevant to businesses, while also ensuring consumer privacy is not compromised. Holboke, Cryptonumerics’s CEO, came up with the idea when she was involved with Creative Destruction Lab (CDL).
In September, CryptoNumerics was named one of Canadian Innovation Exchange’s top 20 most innovative startups in the country and in March raised a $3.5 million seed round with 11.2 Capital, an early-stage VC firm based in San Francisco focused on investing in enterprise software security. CryptoNumerics was created with the goal of helping enterprises effectively harness data sets, while still complying with privacy regulations such as HIPAA, the GDPR, and the California Consumer Privacy Act (CCPA).
Snowflake is a cloud-based data-warehousing startup that was founded in 2012. It has raised more than $1.4 billion in venture capital to date, and was publicly launched in 2014 after two years in stealth mode. In June, the company confidentially filed an initial public offering (IPO) and has been called “one of the most hotly anticipated tech listings of the year.” Snowflake was expected to go public over the summer, though some reports point to the startup waiting until September or October.
BetaKit has reached out to Snowflake for comment regarding the acquisition. The company had yet to respond by time of publication.