Earlier this week, the US-based cloud provider secured an additional $200m in Series B extension, bringing its total Series B funding to $421m and the funding round was led by alternative asset manager Magnetar Capital
Microsoft has reportedly agreed to spend billions of dollars on cloud computing infrastructure over multiple years from the US-based cloud provider CoreWeave.
Earlier this year, the technology major forged the deal to guarantee that OpenAI, which runs the ChatGPT chatbot, will continue to have access to sufficient computing capacity, reported CNBC citing an undisclosed source familiar with the matter.
Established in 2017, CoreWeave provides a massive range of graphics processing unit (GPU) compute resources on demand and at scale.
The firm develops cloud solutions for compute-intensive use cases including VFX and rendering, machine learning and artificial intelligence (AI), batch processing and pixel streaming.
Earlier this week, CoreWeave secured an additional $200m in Series B extension, bringing its total Series B funding to $421m.
The funding round was led by alternative asset manager Magnetar Capital.
CoreWeave’s Series B extension is followed by the Series B funding that secured $221m in April 2023.
The Series B round was also led by Magnetar Capital along with contributions from American technology company Nvidia and rounded out by Nat Friedman and Daniel Gross.
According to CoreWeave, the capital raised in the Series B round will help in expanding the company’s specialised.
Besides, the funding is also expected to support US-based data centre expansion with the opening of two new centres this year.
It will increase CoreWeave’s total North American-based data centres to five.
In December 2022, CoreWeave obtained $100m from Magnetar Capital to expand its on-demand GPU compute resources for clients as well as democratise access to market disruptive AI products.