CoreWeave provides cloud infrastructure for AI workloads. Credit: ra2 studio via Shutterstock.

CoreWeave has raised an additional $200m in Series B funding to offer specialised cloud infrastructure for artificial intelligence (AI) applications.

Alternative asset manager Magnetar Capital led the funding round.

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The additional capital infusion comes one month after CoreWeave announced $221m in Series B funding, which was also led by Magnetar.

Set up in 2017, CoreWeave provides cloud infrastructure powered by graphics processing units (GPUs) for use cases that require a lot of computing power such as AI and machine learning.

GPUs are a category of chips that are crucial for services, such as OpenAI’s ChatGPT.

According to Reuters, the latest funding valued the company at $2bn, and it is also in talks with banks to raise debt to purchase GPUs.

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Magnetar chief operating officer Ernie Rogers said: “By combining easy access to high-powered GPUs for training AI models with fast and flexible infrastructure and by focusing on a specific type of compute, CoreWeave continues to differentiate itself from other companies in the space. Magnetar believes CoreWeave sits in a sweet spot for enabling world-class results across a number of industries.”

Nvidia, currently claimed to be a market leader in GPUs, is also an investor in CoreWeave.

Announcing the initial Series B funding in April, the company said it will use the proceeds to expand its cloud infrastructure.

The amount will also be used to launch two more facilities this year, bringing the total number of CoreWeave’s North American data centres to five.

CoreWeave CEO and co-founder Michael Intrator said: “It is an incredible moment in time. From a demand standpoint, revenue and client scale, the rise has been exponential, and Magnetar has been an amazing partner from the beginning.”