CoreWeave Raises $221 Million at $2 Billion Valuation

CoreWeave is a cloud-based computing power and infrastructure provider that offers accessible and affordable technology. CoreWeave is unique in that it is one of the few cloud computing providers that utilize graphics processing units (GPUs) instead of central processing units (CPUs) in its data centers. This has made CoreWeave a leader in the field of GPU cloud computing, which is ideal for workloads that require high-bandwidth and low-latency performance, such as AI and machine learning applications.

CoreWeave has raised $221 million in a Series B funding round led by Magnetar Capital. CoreWeave hit a pre-money valuation of $2 billion. The company plans to use the fresh funding to extend its advanced cloud infrastructure which is focused on compute-intensive workloads such as AI and machine learning, rendering and visual effects, pixel streaming, and batch processing. Moreover, the company intends to increase its U.S.-based data center capacities by opening two new centers this year. This expansion will bring the total number of the company’s North American-based data centers to five.

CoreWeave, United States, was founded in 2017 by Michael Intrator, Brian Venturo, and Brannin McBee. The startup currently serves more than 1,000 customers. “Our clients include generative AI companies, like Tarteel AI and Anlatan, the creators of NovelAI, and we’ve supported a range of open-source AI and machine learning projects like EleutherAI and Stability AI’s Stable Diffusion”, said CoreWeave CEO Mike Intrator.

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