CoreWeave, a Roseland, NJ-based artificial intelligence company, has secured a $650 million credit facility.
The company has already raised approximately $12.7 billion through equity and debt financing over the past 18 months.
Investors
The round was led by some of the most prominent financial institutions, including Goldman Sachs, JPMorgan Chase, and Morgan Stanley.
Goldman Sachs, founded in 1869, is a global investment banking, securities, and investment management firm. Headquartered in New York, the firm maintains offices in all major financial centers worldwide.
JPMorgan Chase & Co., founded in 1877, is an investment bank headquartered in New York City. The firm serves consumers, small businesses, and commercial banking clients, offering financial transaction processing, business advice, and asset management while providing innovative banking solutions.
Morgan Stanley is a global financial services firm offering a wide range of investment banking, securities, wealth management, and investment management services. With offices in 42 countries, its employees serve corporations, governments, institutions, and individuals worldwide.
CoreWeave Use of Funds
The company plans to use the funds to support its expansion, which includes the development of 28 new data centers by the end of 2024, into cities like Austin, Chicago, Las Vegas, and London.
About CoreWeave
Founded in 2017, CoreWeave offers cloud services primarily for industries requiring vast computational power to develop, train, and run sophisticated AI models. The company focuses on providing high-performance computing (HPC) solutions for artificial intelligence (AI), machine learning, visual effects (VFX), and rendering workloads. CoreWeave’s infrastructure supports a variety of AI applications, in industries like healthcare, finance, and entertainment. Partnered with NVIDIA, CoreWeave's customers include major technology firms like Microsoft and AI startups like Mistral.
Funding Details
Company: CoreWeave, Inc.
Raised: $650.0M
Round: Credit Facility
Funding Date: October 2024
Lead Investors: Goldman Sachs, JPMorgan Chase, Morgan Stanley
Additional Investors:
Company Website: https://coreweave.com/
Software Category: Cloud Computing Solutions
Source: https://evrimagaci.org/tpg/coreweave-secures-major-funding-for-ai-growth-45912