CoreWeave, a Roseland, N.J.-based specialized cloud provider built for large-scale GPU-accelerated workloads, announced an additional $200 million in Series B extension funding from Magnetar Capital (“Magnetar”), a leading alternative asset manager.
The funding extension comes just one month after the company announced $221 million in Series B funding, also led by Magnetar, bringing the total for the round to $421 million.
The boom in generative AI technology has accelerated demand for CoreWeave’s specialized cloud infrastructure to train, serve inference and fine-tune models.
The company offers solutions purpose-built for compute-intensive workloads that are faster and less expensive than larger, more generalized cloud providers.
CoreWeave’s serverless orchestration layer makes it an attractive option for AI startups rushing to get a product to market, as teams can spin up workloads in as little as five seconds with increased portability, less overhead, and less management complexity.
“In my 25-year career, I’ve never been a part of a company that’s growing like this,” said CoreWeave CEO and co-founder Michael Intrator. “It’s an incredible moment in time. From a demand standpoint, revenue and client scale, the rise has been exponential, and Magnetar has been an amazing partner from the beginning.”
Company: CoreWeave, Inc.
Round: Series B Extension
Funding Month: June 2023
Lead Investors: Magnetar Capital
Company Website: https://www.coreweave.com/
Software Category: GPU-Accelerated Solutions for Modern Workloads
About the Company: Founded in 2017, CoreWeave is a specialized cloud provider, delivering a massive scale of GPU compute resources on top of the industry’s fastest and most flexible infrastructure. CoreWeave builds cloud solutions for compute-intensive use cases — VFX and rendering, machine learning and AI, batch processing, and pixel streaming — that are up to 35 times faster and 80% less expensive than the large, generalized public clouds. The company’s mission is to become the de facto industry standard for high-performance computing use cases while earning recognition as a world-class place to work.