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SAN FRANCISCO - Hightouch, a data and AI agent platform for marketers, announced Tuesday it has received a strategic investment from Snowflake (NYSE:SNOW) and Capital One Ventures, extending its Series C funding round. Snowflake, currently valued at over $73 billion and trading near its 52-week high, has seen its stock surge nearly 69% over the past year according to InvestingPro data.
The investment will support Hightouch’s development of AI agents for marketing, including its AI Decisioning product launched earlier this year. The company claims this technology allows for automated experimentation with messaging, timing, and channel decisions for individual customer marketing. This strategic move aligns with Snowflake’s strong revenue growth of 27.5% over the last twelve months.
According to the company’s statement, enterprises including PetSmart and WHOOP have adopted Hightouch’s AI Decisioning technology. The platform integrates with data warehouses to enable real-time adaptation of marketing strategies.
"This investment is a major vote of confidence in our vision for AI-powered marketing," said Tejas Manohar, Co-CEO and Co-Founder of Hightouch, in the press release.
Jon Barad, Partner at Capital One Ventures, stated: "Hightouch has built a powerful platform that’s unlocking the full value of enterprise data through AI."
The funding follows what Hightouch describes as a period of growth as companies move toward warehouse-native architectures and composable marketing technology. The company plans to expand its suite of AI agents for additional marketing use cases.
Denise Persson, CMO of Snowflake, noted that Hightouch "enables marketers to execute faster, with less complexity and more control" by building on Snowflake’s platform.
The amount of the investment was not disclosed in the announcement. With Snowflake’s next earnings report scheduled for August 20, investors can access comprehensive analysis and additional insights through InvestingPro’s detailed research reports, which cover over 1,400 US stocks including Snowflake’s financial health metrics and growth prospects.
In other recent news, Snowflake has announced a partnership with Bloomreach to enhance marketing data activation. This collaboration allows businesses to connect customer data stored in Snowflake with Bloomreach’s AI-powered marketing solutions, aiming to improve personalization efforts. Additionally, Citizens JMP has raised its price target for Snowflake to $260, maintaining a Market Outperform rating, reflecting confidence in the company’s cloud data platform. Truist Securities also reiterated its Buy rating on Snowflake, citing strong results from a mid-year IT spending survey that highlighted growth momentum for Snowflake’s data cloud offering.
In another development, Snowflake has appointed Chris Niederman as Senior Vice President of Alliances & Channels. Niederman, who brings over 30 years of experience, will lead the company’s global channel and partner ecosystem. Meanwhile, AI startup Reka AI, which counts Snowflake among its investors, raised $110 million in a new funding round, tripling its valuation to over $1 billion. These developments indicate Snowflake’s active involvement in strategic partnerships and investments, potentially supporting its growth trajectory.
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