According to BlockBeats, CoreWeave, a cloud service provider specializing in artificial intelligence (AI), announced on May 2nd that it has completed a $1.1 billion Series C funding round. The round was led by Coatue, with participation from Magnetar, Altimeter Capital, Fidelity Management & Research Company, and Lykos Global Management. The new funding will be used to support the rapid growth of CoreWeave's various business areas and to expand into new regions to meet the exploding demand for GPU-accelerated cloud infrastructure worldwide.
CoreWeave's co-founder and CEO, Mike Intrator, stated that CoreWeave's position as a key infrastructure provider for AI development is continually being strengthened. The ongoing trust from high-level investors validates its tremendous opportunity in defining the next generation of cloud computing. As businesses increasingly recognize the potential of AI in improving efficiency, productivity, expanding revenue, reducing costs, and bringing growth and innovation at a strategic level, organizations of all industries and sizes are rushing to deploy large-scale AI solutions. This has driven an explosive demand for powerful, scalable infrastructure. However, the generic infrastructure of traditional cloud providers cannot meet the large-scale parallel processing capabilities and memory requirements needed for AI workloads.