AI cloud infrastructure startup CoreWeave announced Wednesday that it has raised a whopping $1.1 billion in new funding led by Coatue.
The deal values the company at $19 billion, according to the Wall Street Journal. This represents a nearly three-fold increase from the company’s valuation just five months ago, when it was valued at $7 billion after a secondary sale, and from its $2 billion valuation in a Series B extension last May. It rose significantly.
Other investors in the new round include Magnetar Capital, which led CoreWeave’s last preliminary round, Altimeter Capital, Fidelity Management & Research Co., and Lykos Global Management. The company has now raised about $4.6 billion with its latest funding, according to Crunchbase data.
“CoreWeave is specifically designed to tackle the most complex and pressing challenges in high performance computing. With this new round, we continue to invest in and collaborate with the world’s largest AI companies. ” CoreWeave co-founder and CEO Mike Intrator said in a statement announcing the round.
The company said the capital will be used to fund growth, including entering new regional markets amid “explosive demand for GPU-accelerated cloud infrastructure around the world.”
Despite having very few funding deals last quarter in terms of CoreWeave’s funding size, data from Crunchbase shows that there was more venture funding for AI-related startups in Q1 2024 compared to Q4 2023. increased slightly. Overall, approximately $12.2 billion was invested in venture-backed AI startups in 1,166 deals in the first quarter. This is a 4% increase in dollar terms compared to the final quarter of last year, when $11.7 billion was invested in similar startups across 1,072 deals.
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Illustration: Dom Guzman
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