CoreWeave Obtains $221 Million to Upgrade Its Cloud Infrastructure for Generative AI and LLM
In Brief
Magnetar Capital took the lead in this funding round, inviting participation from NVIDIA, Nat Friedman, the former CEO of GitHub, and Daniel Gross, a former executive at Apple.
The invested capital will be utilized to further develop CoreWeave's unique cloud infrastructure specifically designed for AI and machine learning applications.
CoreWeave, which specializes in cloud solutions for high-demand GPU workloads, has secured $221 million in Series B funding led by Magnetar Capital, with contributions from NVIDIA and industry veterans like Nat Friedman and Daniel Gross.
Before pivoting to focus on cloud services, CoreWeave originally functioned as an Ethereum mining operation. The recent funding will allow the firm to enhance its specialized cloud services aimed at resource-intensive applications like AI, machine learning, visual effects, batch processing, and pixel streaming, catering to the rising demands of generative AI.
The latest influx of funds will also support CoreWeave's expansion of data center operations in the U.S., including the launch of two new centers this year. This will increase CoreWeave's total number of operational data centers across North America to five.
"As AI technologies continue to evolve without limits, the need for powerful and specialized computing infrastructure has reached unprecedented heights,\" noted Ernie Rogers, Chief Operating Officer of Magnetar. \"CoreWeave’s inventive, flexible, and tailored solutions are perfectly positioned to meet this soaring demand, leading to significant growth for the company.\"
NVIDIA's involvement in this funding round signifies a deepening partnership with CoreWeave. At the NVIDIA GTC conference held in March, NVIDIA showcased its cutting-edge data center GPU, the H100 Tensor Core, alongside the NVIDIA HGX H100 platform. unveiled During the same conference, CoreWeave announced its rollout of HGX H100 clusters, which are currently being utilized by innovative companies such as Anlatan, the minds behind NovelAI. CoreWeave also offers more than 11 different NVIDIA GPU SKUs, all interlinked via the NVIDIA Quantum InfiniBand, and these resources are accessible to clients through reserved instances or on an as-needed basis.
In response to the recent news, Manuvir Das, NVIDIA's Vice President of Enterprise Computing, commented: \"AI has now reached a pivotal moment, and we are witnessing a surge in interest for AI-driven computing infrastructure across the spectrum, from startups to large corporations. CoreWeave's approach to providing accelerated computing solutions for generative AI and large language models promises to deliver top-tier performance and energy-efficient computing to various industries.\"
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In line with the Trust Project guidelines Cindy serves as a journalist for Metaverse Post, focusing on topics like web3, NFTs, the metaverse, and AI, with an emphasis on interviews with key industry figures in the Web3 space. She has engaged with over 30 C-level executives and continues to share their valuable perspectives with her audience. Originally from Singapore, Cindy now resides in Tbilisi, Georgia, and holds a Bachelor's degree in Communications & Media Studies from the University of South Australia, boasting a decade-long experience in journalism and writing.
