CoreWeave is a specialized cloud provider that delivers a massive scale of accelerated compute resources on top of the industry’s fastest and most flexible infrastructure:
CoreWeave builds cloud solutions for compute-intensive use cases such as AI, VFX, Computational Chemistry, and Pixel Streaming. Their cloud solutions are up to 35x faster and 80% less expensive than the large, generalized public clouds.
CoreWeave offers a system that accelerates workflows with a cloud-based production pipeline and provides access to compute resources that match the complexity of models.
- In August 2023, CoreWeave secured $200 million in Series B funding extension led by Magnetar.
- In April 2023, they raised $221 million in Series B funding, bringing the total for the round to $421 million.
Debt Collateralized 2.3B Raise
CoreWeave also recently raised $2.3 billion in a debt facility led by Magnetar Capital and Blackstone, and collateralized by Nvidia chips. The funds will be used to expand to meet rising AI workload .
The unusual use of Nvidia H100, the sought-after chip that powers AI computing as collateral, highlights the value of such hardware in the capital-intensive AI arms race . Other lenders in the facility include Coatue and DigitalBridge, as well as BlackRock, PIMCO, and Carlyle .
CoreWeave has unique access to the most advanced Nvidia chips that are in short supply, giving it an edge in competition with traditional cloud providers like Microsoft (MSFT.O), Amazon (AMZN.O), and Google (GOOGL.O), which are facing supply constraints.
- CoreWeave was founded in 2017 by Michael Intrator, Brian Venturo, and Brannin McBee.
- Michael Intrator is the Co-Founder, President, Chief Executive Officer and Board Member.
- Evan Meagher JD is the Chief Financial Officer.
- Brannin McBee is the Co-Founder, Chief Scientific Officer & Chief Strategy Officer.
- Brian Venturo is the Co-Founder, Chief Technology Officer & Board Member.
- Mike Mattacola is the Chief Business Officer
CoreWeave is a specialized GPU cloud provider.