CoreWeave Strikes Gold Again: Ethereum Mining Veteran Raises Whopping $221M in Series B Funding Round

CoreWeave secures $50 million investment from Magnetar Capital with support from NVIDIA and tech experts Nat Friedman and Daniel Gross

Dublin, Ireland – CoreWeave, a leading provider of cloud-based blockchain infrastructure and GPU leasing services, has announced a $23 million funding round led by Magnetar Capital. The round also included contributions from technology giant NVIDIA, as well as Nat Friedman and Daniel Gross.

This latest funding round comes just months after CoreWeave secured a $50 million investment from Magnetar Capital in November 2021. The company plans to use the funds to expand its infrastructure offerings and accelerate the development of its blockchain solutions.

CoreWeave’s cloud-based infrastructure allows businesses to access the power of GPU computing without the need for expensive hardware investments. The company’s platform has been used by a range of industries, including finance, gaming, and artificial intelligence.

In recent years, the demand for GPU computing has skyrocketed, driven by the rise of data-intensive applications such as machine learning and cryptocurrency mining. CoreWeave’s infrastructure has become a popular choice for businesses looking to access this computing power without the need for significant capital investment.

The company’s CEO, Brian Venturo, commented on the funding round, stating that “we are thrilled to have Magnetar Capital, NVIDIA, Nat Friedman, and Daniel Gross join us on our mission to democratize access to GPU computing. This funding will allow us to continue to expand our infrastructure offerings and bring the power of GPU computing to even more businesses.”

Magnetar Capital, the lead investor in this latest funding round, is a Chicago-based investment firm with a focus on alternative asset management. The firm has a track record of investing in innovative technology companies, including SpaceX and Palantir.

NVIDIA, a leading technology company known for its graphics processing units (GPUs), has been a longtime partner of CoreWeave. The company’s GPUs are a critical component of CoreWeave’s infrastructure, providing the computing power needed to support its cloud-based services.

Nat Friedman and Daniel Gross, the other contributors to the funding round, are both well-known figures in the technology industry. Friedman is the CEO of GitHub, a popular platform for software development, while Gross is a venture capitalist and former partner at Y Combinator.

Overall, CoreWeave’s latest funding round is a testament to the growing demand for cloud-based GPU infrastructure and the company’s position as a leading provider in this space. With the support of Magnetar Capital, NVIDIA, and other investors, the company is well-positioned to continue its growth and innovation in the years to come.

Martin Reid

Martin Reid

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