In a Series B funding round, CoreWeave, a specialized cloud provider, revealed that it has secured $221 million. The funding will be used to expand the company’s cloud infrastructure for computational workloads such as artificial intelligence, machine learning, visual effects, rendering, batch processing, and pixel streaming. The raise was led by Magnetar Capital with contributions from NVIDIA, Nat Friedman, and Daniel Gross. CoreWeave, which started as an Ethereum miner using GPUs to verify transactions, claims its cloud technology scales GPU computational resources that are 35 times faster and 80% less expensive than competitor solutions.
Although Ethereum completed its Merge upgrade in September 2022, rendering Ethereum mining and mining GPUs obsolete, CoreWeave had ceased its Ethereum mining operations long before the upgrade was completed. According to Michael Intrato, CEO and co-founder of CoreWeave, the support from NVIDIA will enable their company to further expand its operations.