CoreWeave closes $642M minority investment

Dec. 4, 2023
The new funding round, led by Fidelity Management & Research Company, will be used to develop its AI infrastructure vision further.

CoreWeave, a specialized GPU cloud provider, has closed a minority investment of $642 million led by Fidelity Management & Research Company. Other funding round participants include Investment Management Corporation of Ontario, Jane Street, J. P. Morgan Asset Management, Nat Friedman & Daniel Gross, Goanna Capital, Zoom Ventures and others.

The company claims its cloud computing strategy is based on a modern approach to hardware engineering and a proprietary software stack explicitly designed for the most complex and intensive workloads like generative AI and drug discovery -- filling a void left unaddressed by the generalized offerings provided by hyperscalers.

CoreWeave has developed a specialized approach that combines hardware and software expertise while delivering complete end-to-end control of the computing environment for customers to optimize workload management, visibility and stability.

The support from CoreWeave's new financial and strategic partners comes as the company continues its mission to define the next generation of cloud computing. Over the past year, CoreWeave has delivered infrastructure to some of the most prominent players in AI, including Inflection AI and Mistral, increased its data center presence from three to 14 and quadrupled its employee headcount.

Investors continue to take notice of its approach. In August, CoreWeave secured a $2.3 billion debt financing facility led by Magnetar Capital and Blackstone, with strategic participation from Coatue, DigitalBridge Credit, and funds and accounts managed by BlackRock, PIMCO, and Carlyle.

Earlier in April, CoreWeave announced it had raised $221 million in Series B funding led by Magnetar Capital with contributions from NVIDIA, Nat Friedman, and Daniel Gross. One month later, CoreWeave secured $200 million in a Series B extension led by Magnetar Capital.

"The AI industry is at an inflection point, and CoreWeave has played a central role in powering its evolution by delivering differentiated infrastructure to customers," said Michael Intrator, co-founder and CEO of CoreWeave. "CoreWeave is solving critical issues by integrating the most performant and flexible GPU, networking and storage technologies into today's most differentiated AI infrastructure. We are building at the pace of AI software adoption."

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