CoreWeave, a Roseland, NJ-based provider of a customized solutions developing cloud infrastructure for AI workloads, raised $1.1 Billion in Series C funding.
The round was led by Coatue, with participation from Magnetar who led the last primary round, as well as Altimeter Capital, Fidelity Management & Research Company, Lykos Global Management, funds managed by Blackstone, Eric Schmidt, and Jane Street Group.
The company intends to use the funds to support its growth and its expansion into new geographic regions to meet the demand for GPU accelerated cloud infrastructure worldwide.
Led by CEO Mike Intrator, CoreWeave provides a cloud that manages complexity through automation to deliver cloud infrastructure for AI workloads. Its portfolio of technology delivers a broad range of capabilities for machine learning and AI, graphics and rendering, life sciences, real-time streaming, and more. The company has a growing presence of data centers covering every region of the US.
In December, CoreWeave announced it closed a secondary investment of $642M, following a $420M primary led by Magnetar in April 2023. In August, the company secured a $2.3 Billion debt financing facility led by Magnetar and Blackstone. Also in the last year, it increased its data center presence from three to 14, and quadrupled its employee headcount.
Commenting on the news, Mike Intrator said: “CoreWeave is designed specifically to tackle the most complex and pressing challenges in high performance compute. With this new round, we will continue investing in and working with the largest AI enterprises in the world.”
FinSMEs
30/05/2024