GPU cloud infrastructure provider CoreWeave has completed a $1.1 billion Series C funding round, led by Coatue

ChainCatcher news, according to PR Newswire, AI-focused cloud service provider CoreWeave announced the completion of a $1.1 billion Series C funding 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 funding will be used to support the rapid growth of CoreWeave's various business areas and to expand into new regions to meet the ongoing explosive demand for GPU-accelerated cloud infrastructure worldwide. CoreWeave co-founder and CEO Mike Intrator stated that CoreWeave's position as a key infrastructure provider for AI development is continuously strengthening, and the ongoing trust from high-level investors validates the tremendous opportunities in defining the next generation of cloud computing.

As businesses increasingly recognize the potential of AI to enhance efficiency, productivity, expand revenue, reduce costs, and drive growth and innovation at a strategic level, organizations of all sizes and across various industries are racing to deploy large-scale AI solutions, driving an explosive demand for powerful, scalable infrastructure. Traditional cloud providers' generic infrastructure cannot meet the large-scale parallel processing capabilities and memory requirements needed for AI workloads.