CoreWeave, a cloud service provider focused on GPU-accelerated workloads, has raised $221 million in Series B funding led by Magnetar Capital.



Other participants include NVIDIA, former GitHub CEO Nat Friedman, and ex-Apple executive Daniel Gross. The funding will be used to enhance CoreWeave's cloud infrastructure for compute-intensive workloads like AI, ML, visual effects, rendering, batch processing, and pixel streaming.

The rise of generative AI technology and large language models (LLMs) is driving the demand for specialized cloud services like CoreWeave. The company plans to use the funds to expand its infrastructure for compute-intensive workloads and establish additional data centers in the US to keep up with the growing demand for AI technology.

According to CoreWeave CEO Michael Intrator, the company's ability to innovate and iterate faster than hyperscale providers like Amazon and Microsoft makes it uniquely positioned to power the AI technology boom. The company's partnership with lead investor Magnetar Capital and tech giant NVIDIA enables it to deliver purpose-built, specialized solutions that surpass those from larger cloud providers. Recently, CoreWeave has started using NVIDIA HGX H100 clusters and provides customers with access to over 11 NVIDIA GPU SKUs integrated with NVIDIA Quantum InfiniBand in-network computing.

As the market for AI and machine learning is expected to reach $309.6 billion by 2026, demand for specialized cloud infrastructure providers like CoreWeave is likely to increase. With its latest funding, CoreWeave is well-positioned to meet this demand and drive innovation in AI and machine learning technology.

CoreWeave, a cloud infrastructure provider, has announced a significant expansion to its platform, specifically designed to support the increasing demands of artificial intelligence (AI), machine learning (ML), and other advanced technologies. This expansion involves a substantial increase in computational resources, including high-performance GPUs and specialized hardware, to address the intensive processing requirements of AI and ML workloads.

The enhanced infrastructure is poised to offer optimized storage solutions, enabling efficient management of massive datasets essential for AI and ML applications. Moreover, CoreWeave's expansion includes the implementation of advanced networking capabilities to ensure seamless data transfer and low-latency communication, crucial for real-time processing tasks.

By bolstering its cloud infrastructure for AI and ML, CoreWeave aims to provide a robust platform for researchers, data scientists, and enterprises to accelerate their innovation in these fields. This strategic move underscores CoreWeave's commitment to addressing the evolving needs of the tech industry, particularly in the realm of complex computational tasks essential for advancing AI algorithms and breakthroughs in ML research.