May 02, 2024 | Posted by Abdul-Rahman Oladimeji
GPU cloud provider CoreWeave announced that it has secured $1.1 billion in new Series C funding round this week 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 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," said Mike Intrator, co-founder and CEO of CoreWeave. "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."
Last year, the company also raised $642 million in a round that valued it at $7 billion after raising $221m and a $200m raise earlier that year.
“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," said Philippe Laffont, founder & portfolio manager of Coatue. "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."
