On April 20, specialized cloud provider CoreWeave Announced which had secured $221 million in a Series B financing round, putting the company on a path to expand its operations and increase capacity in several emerging technologies.
The increase was led by Magnetar Capital with contributions from NVIDIA and completed by Nat Friedman and Daniel Gross. In November 2021, CoreWeave insured a $50 million investment from Magnetar Capital.
As reported by CoreWeave, the money will be used to expand its cloud infrastructure for computational workloads like artificial intelligence, machine learning, visual effects, rendering, batch processing, and pixel streaming. The company’s CEO and co-founder, Michael Intrato, said NVIDIA’s support will help the company continue to scale.
Founded in 2017, CoreWeave uses cloud technology to scale graphics processing unit (GPU) computational resources that the company says are “35 times faster and 80% less expensive” than competing solutions . The company started out as an Ethereum miner, using GPUs to verify transactions on the old proof-of-work blockchain.
In September 2022, Ethereum completed its long-awaited merger upgrade, bringing the network into proof-of-stake from the previous proof-of-work protocol. The move rendered the practice of Ethereum mining and, subsequently, Ethereum mining GPUs obsolete. That being said, CoreWeave ceased its Ethereum mining operations long before the Merge Upgrade was complete.
Magazine: This is how Ethereum ZK-rollups can become interoperable
