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HomeFundingNJ-based CoreWeave Secures $1.1 billion in Funding - FUNDING NEWS

NJ-based CoreWeave Secures $1.1 billion in Funding – FUNDING NEWS

CoreWeave, the leading specialized cloud provider for AI, secures $1.1 billion in 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.

CoreWeave, the leading specialized cloud provider for AI, secures $1.1 billion in 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.

Read also – CA-based AiDash Secures $58.5Million in Series C Round Funding- FUNIDNG NEWS

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.

Mike Intrator, co-founder and CEO of CoreWeave said, “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, 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.

Philippe Laffont, Founder & Portfolio Manager of Coatue said, “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, 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.”

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.

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