CoreWeave has raised $221m in a Series B funding round to meet the specialised cloud infrastructure demand driven by artificial intelligence (AI) technology.

Magnetar Capital led the equity fundraising round, which also included NVIDIA, former GitHub CEO Nat Friedman, and Daniel Gross, a former Apple executive.

CoreWeave, founded in 2017, offers cloud infrastructure for workloads that require a lot of computing power, such as AI and machine learning, visual effects and rendering, batch processing, and pixel streaming.

It will use the latest funding to expand its specialised cloud infrastructure.

The proceeds will also be used to expand CoreWeave’s North American data centre footprint with the launch of two new facilities this year, bringing the total to five.

CoreWeave CEO and co-founder Michael Intrator said: “CoreWeave is uniquely positioned to power the seemingly overnight boom in AI technology with our ability to innovate and iterate more quickly than the hyperscalers.”

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By GlobalData

Magnetar chief operating officer Ernie Rogers said: “With the seemingly limitless boundaries of AI applications and technologies, the demand for compute-intensive hardware and infrastructure is higher than it’s ever been.

“CoreWeave’s innovative, agile and customisable product offering is well-situated to service this demand and the company is consequently experiencing explosive growth to support it.”

Magnetar’s latest investment in the cloud computing firm comes after securing $100m in December 2022.

NVIDIA vice president of enterprise computing Manuvir Das said: “CoreWeave’s strategy of delivering accelerated computing infrastructure for generative AI, large language models and AI factories will help bring the highest-performance, most energy-efficient computing platform to every industry.”