CoreWeave Secures $100M to Expand NVIDIA HGX H100 GPU Offering
ROSELAND, N.J., Dec. 6, 2022 -- CoreWeave, a specialized cloud provider built for large-scale GPU-accelerated workloads, today announced it has secured $100 million from Magnetar Capital (“Magnetar”), a leading alternative asset manager based in Evanston, Ill., to scale its on-demand GPU compute resources for customers and democratize access to market disruptive AI products. This funding injection is Magnetar’s second investment in CoreWeave, following its first in November 2021.
CoreWeave’s latest capital infusion follows its Nov. 7 announcement that the company is among the first to offer access to NVIDIA HGX H100 supercomputing — joining Amazon, Google, Microsoft and Oracle as the initial cloud providers to supply the trailblazing AI platform. CoreWeave is on pace to grow year-over-year revenue by over 450%, with the machine learning sector alone representing 900%+ growth.
“Magnetar’s partnership is key to CoreWeave leapfrogging to the forefront of the public consciousness, soon making us a household name alongside legacy cloud providers,” said Michael Intrator, CoreWeave Co-founder and Chief Executive Officer. “The coming year will be one of massive growth for CoreWeave, as we scale the company to further differentiate ourselves in the field of GPU-accelerated compute. Our specialized infrastructure and pricing model allow startup and enterprise clients to manifest the AI innovations they imagine.”
“CoreWeave is a strong partner with demonstrated best-in-class infrastructure to facilitate complex, high-end computing and navigate the intricate AI ecosystem,” said Ernie Rogers, Magnetar Chief Operating Officer and Chief Financial Officer. “As AI becomes increasingly intertwined with our daily lives, we believe CoreWeave is uniquely positioned to capitalize on the AI trend by allowing companies to develop meaningful AI products via access to its robust computing framework, including the new NVIDIA GPUs. Magnetar is proud to support CoreWeave as it continues to gain market share from legacy cloud providers and compete at a larger scale.”
Unlike its competitors, CoreWeave does not charge for idle compute capacity to maintain access to GPUs or use legacy networking products that degrade performance with scale. Clients only pay for the compute resources they use, and CoreWeave serverless instances are highly configurable. CoreWeave’s Kubernetes-native infrastructure and networking architecture produce performance advantages, including industry-leading spin-up times and responsive auto-scaling capabilities that allow clients to use compute more efficiently.
CoreWeave provides fast, flexible, and highly available GPU compute resources that are up to 35 times faster and 80% less expensive than large, generalized public clouds. An Elite Cloud Service Provider for Compute and Visualization in the NVIDIA Partner Network, CoreWeave offers cloud services for compute-intensive projects, including AI, machine learning, visual effects and rendering, batch processing and pixel streaming. CoreWeave’s infrastructure is purpose-built for burstable workloads, with the ability to scale up or down in seconds across thousands of GPUs per workload.
The company leverages a range of open-source Kubernetes projects, integrates with best-in-class technologies such as Determined.AI and offers support for open-source AI models including Stable Diffusion, GPT-NeoX-20B and BLOOM as part of its mission to lead the world in AI and machine learning infrastructure.
Galaxy, a leading diversified financial services and investment management company in the digital asset, cryptocurrency, and blockchain technology sectors, served as exclusive financial advisor to CoreWeave and sole placement agent for its financing round.
About CoreWeave
Founded in 2017, CoreWeave is a specialized cloud provider, delivering a massive scale of GPU compute resources on top of the industry’s fastest and most flexible infrastructure. CoreWeave builds cloud solutions for compute intensive use cases — digital assets, VFX and rendering, machine learning and AI, batch processing and pixel streaming — that are up to 35 times faster and 80% less expensive than the large, generalized public clouds.
Source: CoreWeave
