According to ChainCatcher, CoreWeave, a cloud service provider focused on artificial intelligence, announced the completion of a $1.1 billion Series C financing round, led by Coatue, with participation from Magnetar (the main investor in the previous round), Altimeter Capital, Fidelity Management & Research Company and Lykos Global Management.
It is reported that the new financing will be used to support the rapid growth of CoreWeave's various business areas and expansion into new regions to meet the continued explosive global demand for GPU-accelerated cloud infrastructure. CoreWeave co-founder and CEO Mike Intrator said that CoreWeave's position as a key infrastructure provider for artificial intelligence development continues to consolidate, and the continued trust of high-level investors has verified its huge opportunity in defining the next generation of cloud computing.
As enterprises increasingly realize the potential of artificial intelligence in improving efficiency, productivity, expanding revenue, reducing costs, and bringing growth and innovation at the strategic level, organizations of all sizes in all industries are scrambling to deploy large-scale AI solutions, which has driven explosive demand for powerful and scalable infrastructure. However, the general infrastructure of traditional cloud vendors cannot meet the massively parallel processing power and memory requirements required by AI workloads.
