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COREWEAVE RAISES $1.1B TO EXPAND ITS GPU CLOUD INFRASTRUCTURE NETWORK

Ken Yeung@thekenyeung
May 1, 2024 2:28 PM
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AI-generated image of a data center with the Coreweave logo overlayed on top.

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CoreWeave, the self-acknowledged AI startup that “came out of nowhere,” has
raised $1.1 billion in new funding. It has now received nearly $5 billion in
venture capital and debt financing to help build cloud infrastructure to enable
GPU-accelerated workloads, an expensive feat. The company said it will use the
new investment to fuel growth across all areas of its business and expand into
new geographic regions.

“CoreWeave is designed specifically to tackle the most complex and pressing
challenges in high performance compute,” Mike Intrator, CoreWeave’s chief
executive, remarked in a statement. “With this new round, we will continue
investing in and working with the largest AI enterprises in the world.”

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Building Trustworth AI: Microsoft's Strategy for Secure and Scalable Generative
AI


With the AI boom continuing, CoreWeave has the opportunity to play a big part in
the development of the space, especially for companies that may not have the
resources to buy their own GPUs. This is not just for consumer or enterprise
startups either—CoreWeave’s infrastructure could benefit those in the science
and medical fields, helping those builders spend more of their capital on other
things that matter, such as their models and researching how to create better
drugs.

It is significant that the company is using the new capital to expand into other
regions. The company appears to follow a playbook similar to Amazon Web Services
and Twilio, establishing more local infrastructure centers to reduce latency and
offer better performance. Some may also see this as recognition by CoreWeave
that AI development isn’t limited to companies in the U.S. and Europe, and
providing a global network might be good business in pursuit of making AI
available to all.


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The Series C round, led by Coature, included participation from Magnetar,
Altimeter Capital, Fidelity Management and Research Company, and Lykos Global
Management. CoreWeave is reportedly now valued at $19 billion, up from $7
billion five months ago.

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