Nvidia-Backed AI Start-Up CoreWeave Secures $1.1 Billion in Funding: What Does the Future Hold?

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CoreWeave, a cloud-computing firm backed by NVIDIA Corp (NASDAQ:NVDA), has secured $1.1 billion in new funding, led by Coatue, with participation from Magnetar, who led the last primary round, as well as Altimeter Capital, Fidelity Management & Research Company, and Lykos Global Management.

The New Jersey-based company expects to use the new funding to support the growth across all areas of its business, and expansion into new geographic regions.

The substantial funding values CoreWeave at $19 billion, signaling strong demand for AI computation, reported The Wall Street Journal.

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Author / Journalist: Shivani Kumaresan

Category: Technology

Markets: United States

Topics: NVDA US5949181045 Briefs US67066G1040 AI Generated USD Stories That Matter US0231351067 Benzinga MSFT Equities AMZN News Media US74347R6696 Tech NVDX General

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-05-01 @ 18:16:13 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 329 words

Reading Time: 2 minutes read

Sentences: 15 lines

Sentence Length: 22 words per sentence (average)

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Copyright Owner: © Benzinga

News ID: 20849856

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