# Cornelis Networks

> Wayne, Pennsylvania AI/HPC networking company — 2020 Intel spinout; $205M announced September 14, 2026, led by IAG Capital Partners; stage and valuation undisclosed.

## Why it is interesting

A $205 million check into cluster networking with no series letter and no mark. Cornelis is pitching in-fabric compute (Active Compute Fabric) as an open Ethernet/UALink alternative to Nvidia’s optimized stack. Qualcomm is a collaboration in the same-day coverage, not a named investor.

## Profile

- **Latest funding:** Undisclosed — $205M (September 2026)
- **Latest known valuation:** Not publicly disclosed
- **Total disclosed equity funding:** $205M
- **Stage:** growth
- **Status:** private
- **Industries:** N/A
- **Coverage:** full
- **Last updated:** 2026-09-15
- **Latest funding investors:** IAG Capital Partners

## Key facts

- Sep 14, 2026: $205M led by IAG Capital Partners (TechCrunch / SiliconANGLE / Philly BJ)
- Series letter and valuation not disclosed
- 2020 Intel spinout; CEO Lisa Spelman (2024); >250 employees (Philly BJ)
- Qualcomm collaboration is not a named round participant

## Funding history

- Undisclosed · $205M · September 2026
  Source: Https://techcrunch.com/2026/09/14/ai-infrastructure-company-cornelis-raises-205m-to-chip-away-at-nvidias-dominance/

## Related articles

- https://venturecapitaltracker.com/2026-cornelis-205m-iag-ai-networking
- https://venturecapitaltracker.com/2026-september-14-15-investment-news-temporal-cornelis-openai
- https://venturecapitaltracker.com/2026-september-vc-news

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** September 15, 2026

**Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.

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Source: https://venturecapitaltracker.com/startup/cornelis