Launch of AI cloud infrastructure CoreWeave said Wednesday that it had raised as much as $1.1 billion in new financing in a led round Coat.
The transaction values the company at $19 billion, based on The Wall Street Journal. That 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 a huge jump from its $2 billion valuation in its Series B extension last May.
Other investors in the new round include: Magnetar’s capitalwhich led to CoreWeave’s final primary round, Altimeter capital, Fidelity Management and Research Co. AND Lykos Global Management. With the latest financing, the company has raised about $4.6 billion, based on Crunchbase data.
“CoreWeave is purpose-built to address the most complex and pressing high-performance computing challenges. With this new round, we will continue to invest and collaborate with some of the largest AI companies in the world,” CoreWeave Co-Founder and CEO Mike Intrator he said in A statement announcing the round.
According to the company, the capital will likely be used to finance growth, including entry into new geographic markets attributable to “extreme demand for GPU-accelerated cloud infrastructure around the world.”
Despite several financing deals last quarter regarding the size of CoreWeave’s raise, enterprise capital funding for AI startups increased barely in the first quarter of 2024 in comparison with the fourth quarter of 2023, Crunchbase data to introduce. A complete of roughly $12.2 billion was invested in venture-backed AI startups across 1,166 deals in the first quarter, up 4% in dollar terms from last yr’s final quarter of $11.7 billion went to similar startups in 1,072 transactions.