CoreWeave, a Roseland-based cloud computing platform, raised $221 million in Series B funding, according to a Thursday announcement.
CoreWeave began as an Ethereum mining venture, which secured a large tranche of funding from Magnetar Capital, with contributions from NVIDIA, and Nat Friedman and Daniel Gross.
The latest funding will be used to further expand CoreWeave’s specialized cloud infrastructure for computing-intensive workloads — including artificial intelligence and machine learning, visual effects and rendering, batch processing and pixel streaming — to meet the explosive demand for generative AI technology.
This strategic focus has allowed CoreWeave to offer purpose-built, customized solutions that can outperform larger, more generalized cloud providers. The new capital will also support U.S.-based data center expansion with the opening of two new centers this year, bringing CoreWeave’s total North American-based data centers to five.
“CoreWeave is uniquely positioned to power the seemingly overnight boom in AI technology with our ability to innovate and iterate more quickly than the hyperscalers,” CoreWeave co-founder and CEO Michael Intrator said. “Magnetar’s strong, continued partnership and financial support as lead investor in this Series B round ensures we can maintain that momentum without skipping a beat. Additionally, we’re thrilled to expand our collaboration with the team at NVIDIA. NVIDIA consistently pushes the boundaries of what’s possible in the field of technology, and their vision and guidance will be invaluable as we continue to scale our organization.”
