2 - 4 minute read
CoreWeave, a specialized cloud provider, has announced that it has raised $221 million in a Series B funding round. This capital will be used to expand its cloud infrastructure for a variety of computational workloads, including visual effects, machine learning, rendering, pixel streamlining, and artificial intelligence.
Founded in 2017, CoreWeave initially began as an Ethereum miner, verifying transactions on the proof-of-work blockchain. It later expanded its services to scaling graphics processing unit (GPU) computational resources via cloud technology. According to the company, its GPUs are 35 times faster and 80% less expensive than competitor solutions. CoreWeave CEO Michael Intrato stated that support from NVIDIA will help the company continue to grow.
Together with Magnetar Capital’s November 2021 investment of $50 million, CoreWeave’s latest round of funding was led by Magnetar Capital and rounded out by contributions from NVIDIA along with Nat Friedman and Daniel Gross.
Michael Intrato, CoreWeave CEO, explains that the funding will be utilized to expand the company’s offerings in various computational workloads, such as artificial intelligence, machine learning, rendering, pixel streaming, and visual effects. NVIDIA’s support will assist the company’s continued growth.
This funding is a sign of growth potential for CoreWeave in computational workloads such as AI and machine learning. Traders may see opportunities for growth with the company in these areas.
The Bottom Line
CoreWeave’s $221 million Series B funding round shows continued growth potential for the cloud infrastructure provider. With this funding, the company aims to expand its offerings in various computational workloads and continue its impressive growth rate. NVIDIA’s contribution will help CoreWeave continue to scale and leverage its GPU computational resources to offer faster, more efficient, and less expensive solutions than competitors. Traders may want to take note of CoreWeave’s growth potential and keep an eye on this space in emerging technologies.
