Will provide investment resources, technical expertise, and compute to other companies
AI cloud provider CoreWeave has launched a ventures group to invest in other companies.
Dubbed CoreWeave Ventures, the initiative will back founders and companies that are "developing the platforms and technologies shaping the AI ecosystem and the next frontier of computing."/CoreWeave Ventures will provide investment resources, technical expertise, and compute to those companies.
“We started CoreWeave with the conviction that AI’s true promise required a cloud platform built from the ground up to optimize for AI specific workloads. It took audacity, humility, and the support of other believers who helped us create the cloud platform of choice for many of the largest AI labs and enterprises,” said Brannin McBee, co-founder and chief development officer, CoreWeave.
“Our aim with CoreWeave Ventures is to give other audacious, like-minded founders the support they need to drive technical advancements and bring to market the next class of innovation.”
CoreWeave Ventures has already invested in Moonvalley, an AI-powered VFX company.
“Working with CoreWeave has given us the freedom to think bigger and move faster,” said Naeem Talukdar, co-founder and CEO, Moonvalley. “They understand the challenges of scaling breakthrough technologies and have backed us with the kind of support that lets us focus on innovation. We’re grateful to have a partner that invests in both our company and the future we’re trying to create.”
According to CoreWeave, it is already working with a "diverse group of innovators."
While CoreWeave has now launched a venture group, the AI cloud is heavily reliant on debt to fund its build-out.
Since the beginning of 2024, CoreWeave has raised more than $25bn in debt and equity, and since the company's IPO has conducted two high-yield bond raises - one for $2bn and another for $1.75bn, and in July closed $2.6bn in secured debt financing that completed the necessary funding for its contract with OpenAI.
Source: DCD
