ROSELAND, N.J., May 1, 2024
/PRNewswire/ -- CoreWeave, the leading specialized cloud
provider for AI, today announced it has secured $1.1 billion in new funding, led by Coatue, with
participation from Magnetar who led the last primary round, as well
as Altimeter Capital, Fidelity Management & Research Company,
and Lykos Global Management. New funding will be used to support
the rapid growth across all areas of the business, and CoreWeave's
expansion into new geographic regions to meet the explosive demand
for GPU accelerated cloud infrastructure worldwide.
"CoreWeave continues to push forward as a provider of critical
infrastructure in the development of AI, and the high caliber of
investors who continue putting their trust in us validates the
enormous opportunity we have to define the next generation of cloud
computing," said Mike Intrator,
co-founder and CEO of CoreWeave. "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."
Companies increasingly recognize the potential for AI to enhance
efficiencies, productivity, expand revenue and reduce costs, as
well as strategic benefits like growth and innovation.
Organizations of every size and industry are racing to deploy
larger-scale AI solutions and capabilities – driving explosive
demand for powerful and scalable infrastructure. However,
generalized infrastructure from legacy cloud providers is not
designed to handle the massive parallel processing power and memory
that AI workloads require.
CoreWeave designed its cloud infrastructure with engineers and
innovators in mind. Trusted by leading AI labs and enterprises,
CoreWeave Cloud manages complexity through automation to deliver
the most performant and efficient cloud infrastructure for AI
workloads.
"We believe CoreWeave has emerged as a key leader in building
the mission-critical infrastructure foundation required to satisfy
society's current and future demand for high performance compute at
scale to power the generative AI revolution," said Philippe Laffont, Founder & Portfolio
Manager of Coatue. "Since partnering in 2023, we have been
impressed by the team's commitment to operational and technical
excellence, and we look forward to continuing our partnership as
they drive the next phase of growth for the company and
industry."
In December, the company announced it closed a secondary
investment of $642 million, following
a $420 million primary led by
Magnetar in April 2023. In August,
CoreWeave secured a $2.3 billion debt
financing facility led by Magnetar and Blackstone. Also in the last
year, CoreWeave increased its data center presence from three to
14, and quadrupled its employee headcount.
About CoreWeave
CoreWeave is a
specialized GPU cloud provider, designed to power the
most complex workloads with customized solutions at scale. The
company's portfolio of cutting-edge technology delivers a broad
range of capabilities for machine learning and AI, graphics and
rendering, life sciences, real-time streaming, and more. Its
world-class teams, talent, and engineering prowess bring unmatched
speed-to-market for advanced compute. CoreWeave
operates a growing footprint of data centers covering every
region of the US. It was founded in 2017 and is based in
New Jersey. Learn more at
www.coreweave.com.
CONTACT:
Brittany Stone
coreweave@teneo.com
917-935-1456
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SOURCE CoreWeave