CoreWeave Secures $221 Million in Series B

by Kay Aloha Villamor in April 24th, 2023

CoreWeave, a Roseland, N.J.-based specialized cloud provider built for large-scale GPU-accelerated workloads, 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 CoreWeave’s 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.

The new capital will also support U.S.-based data center expansion with the opening of two new centers this year, bringing CoreWeave’s total North American-based data centers to five.

“CoreWeave is uniquely positioned to power the seemingly overnight boom in AI technology with our ability to innovate and iterate more quickly than the hyperscalers,” said CoreWeave CEO and co-founder Michael Intrator. “Magnetar’s strong, continued partnership and financial support as lead investor in this Series B round ensures we can maintain that momentum without skipping a beat. Additionally, we’re thrilled to expand our collaboration with the team at NVIDIA. NVIDIA consistently pushes the boundaries of what’s possible in the field of technology, and their vision and guidance will be invaluable as we continue to scale our organization.”

Company: CoreWeave, Inc.

Raised: $221.0M

Round: Series B

Funding Month: April 2023

Lead Investors: Magnetar Capital

Additional Investors: NVIDIA, Nat Friedman, and Daniel Gross

Company Website:

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. 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. In Mach, CoreWeave announced at the NVIDIA GTC conference that its HGX H100 clusters are live and currently serving clients such as Anlatan, the creators of NovelAI. In addition to HGX H100, CoreWeave offers more than 11 NVIDIA GPU SKUs, interconnected with the NVIDIA Quantum InfiniBand in-network computing platform, which are available to clients on demand and via reserved instance contracts.


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