CoreWeave Raises $221M Series B to Expand Specialized Cloud Infrastructure Powering the Generative AI and Large Language Model Boom
Summary
None Magnetar Capital is leading the equity round, with contributions from NVIDIA, former GitHub CEO Nat Friedman and former Apple executive Daniel Gross None The explosion of generative AI technology and LLMs is the driving force behind the demand for the specialized services that CoreWeave offers None Funding to support infrastructure expansion for compute-intensive workloads and development of new U.S.-based data centersROSELAND, N.J., April 20, 2023--(BUSINESS WIRE)--CoreWeave ("the Company"), a specialized cloud provider built for large-scale GPU-accelerated workloads, today announced it has secured $221 million in Series B funding. The round was led by Magnetar Capital ("Magnetar"), a leading alternative asset manager, with contributions from NVIDIA, and rounded out by Nat Friedman and Daniel Gross.The latest funding will be used to further expand CoreWeaves specialized cloud infrastructure for compute-intensive workloads including artificial intelligence and machine learning, visual effects and rendering, batch processing and pixel streaming to meet the explosive demand for generative AI technology. "Magnetars strong, continued partnership and financial support as lead investor in this Series B round ensures we can maintain that momentum without skipping a beat. ""With the seemingly limitless boundaries of AI applications and technologies, the demand for compute-intensive hardware and infrastructure is higher than its ever been," said Ernie Rogers, Magnetars chief operating officer. "Founded in 2017, CoreWeave is a specialized cloud provider, delivering a massive scale of GPU compute resources on top of the industrys fastest and most flexible infrastructure.
Funding
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