CoreWeave, a GPUfocused cloud compute provider, lands $221M investment

News Summary

  • According to a recent survey by ESG, 59% of companies plan to spend more on public cloud apps in 2023 while 56% expect that their public cloud infrastructure services spending will increase.
  • “CoreWeave recognizes this demand will require deep investment in scalable and attainable capacity for the next generation of innovative AI firms.”Beyond infrastructure, CoreWeave attempts to differentiate itself with offerings like its accelerator program, which launched in late October.
  • There’s success stories like Paperspace, Scaleway and DigitalOcean (despite its ups and downs), as well as newer entrants like Clever Cloud and Vultr.CoreWeave is evidence of this also, it’d seem.
  • “We also work with a number of notable VFX and animation studios such as Spire Animation, and partner closely with 3D streaming and ‘metaverse’ companies such as PureWeb.”It’s tough for any cloud provider to compete with the incumbents in the space — i.e., Google, Amazon and Microsoft.
  • “While large language models and deep learning image generation technologies have been around for a while, their prominent place in the public eye is driving an intense scramble to secure processing power for ever more powerful applications.
  • CoreWeave recognizes this demand will require deep investment in scalable and attainable capacity for the next generation of innovative AI firms.”It’ll also be put toward expanding CoreWeave’s team.
CoreWeave, an NYCbased startup that began as an Ethereum mining venture, has secured a large tranche of funding as it continues to transition to a generalpurpose cloud computing platform.CoreWeav [+6776 chars]