CoreWeave, a Roseland, NJ-based specialized AI cloud provider, has raised $1.1 billion in funding.

The round was led by Coatue and included Magnetar, Altimeter Capital, Fidelity Management & Research Company, and Lykos Global Management.

The funds will be used to grow the business and expand into new regions. Founded in 2017, CoreWeave offers advanced GPU cloud solutions for AI, machine learning, graphics, and more.

CoreWeave has significantly expanded its data center footprint and workforce in the past year, solidifying its position in the market.