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- Cornelis Networks
Cornelis Networks Funding, Investors & Competitors
Cornelis Networks has raised $298M across 5 funding rounds, most recently a $205M Series C in September 2026.
Last Cornelis Networks funding round
$205M
Series C · Sep 2026
Cornelis Networks revenue
$20M
Series C · Sep 2026
Key investors in Cornelis Networks
Intel Capital
IAG Capital Partners
Adit Ventures
Alumni Ventures
Global Brain Corporation
Foresight Group Holdings
Downing Ventures
KittyHawk
About Cornelis Networks
Cornelis Networks is a Wayne, Pennsylvania-headquartered developer of high-performance networking fabrics for HPC and AI supercomputers. The company supplies Omni-Path 200G directors and adapters used in Frontier, the world's fastest supercomputer at Oak Ridge National Laboratory. It supports over 100 TOP500 systems with software-defined fabrics. Spun out from HPE in 2020, Cornelis serves U.S. Department of Energy labs and cloud providers.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Product sales, Subscription
Revenue
$20M (Sep 2026)
Cornelis Networks Revenue
Cornelis Networks' latest recorded revenue is $20M, as of its Series C in September 2026.
Cornelis Networks revenue by funding round
| Date | Revenue * | Stage |
|---|---|---|
| Sep 2026 | $20M | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Cornelis Networks Funding History
Cornelis Networks has raised a total of $298M across 5 funding rounds.
Cornelis Networks' first fundraising round was a $20M Series A in September 2020. The most recent completed round was a $205M Series C in September 2026.
Cornelis Networks funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Sep 2026 | Series C | IAG Capital Partners (lead) | $205M | Cornelis Networks raised $205 million in a Series C financing led by IAG Capital Partners in September 2026, with the announcement made on September 14, 2026. The round supported Cornelis’ expansion into scale-up networking and the launch of its Active Compute Fabric, alongside continued development and production scaling of its CN5000 and CN6000 products. Cornelis is an AI infrastructure and high-performance networking company that spun out of Intel’s Omni-Path interconnect business in 2020. It develops networking technology for AI chips, supercomputing, government, and enterprise customers, positioning its open-standard fabrics as an alternative to proprietary interconnects in data center and AI infrastructure deployments. |
| Mar 2024 | Series B | - | $25M | Cornelis Networks is a technology company providing high-performance interconnects and fabrics for high-performance computing (HPC), high-performance data analytics (HPDA), and artificial intelligence (AI) workloads, targeting commercial, scientific, academic, and government organizations. The company originated as a spin-out of Intel's Omni-Path business, emphasizing open, interoperable, platform-agnostic solutions like Omni-Path Express software and CN5000 400Gb fabric. Founded in 2019 and based in Wayne, Pennsylvania, it serves industries undergoing rapid growth in technical computing demands. Funding history includes a $20M investment announced around September 30, 2020, led by Downing Ventures with participation from Intel Capital and Chestnut Street Ventures, marking its launch. An additional $29M Series B capitalization was announced on November 14, 2022, led by IAG Capital Partners, with investments from Adit Ventures, Foresight Group, Intel Capital, KittyHawk Ventures, Ridgeline Partners, and SQN Venture Partners. Funds were intended to expand go-to-market capabilities, accelerate product roadmap delivery, enhance customer engagement, and support innovations amid surging HPC, AI, and ML market needs. The company employs 51-200 people and continues activity as of June 2025, with product announcements like the industry's highest-performing HPC interconnect in June 2021. Investors highlight Cornelis' experienced team and strong roadmap addressing market demands for alternatives to dominant interconnect solutions. |
| Aug 2023 | Undisclosed stage | - | $19M | Cornelis Networks is a Wayne, Pennsylvania-based company providing purpose-built high-performance interconnects and fabrics for high-performance computing (HPC), high-performance data analytics (HPDA), and artificial intelligence (AI) workloads, targeting commercial, scientific, academic, and government organizations. The company spun out from Intel's Omni-Path business and emphasizes open, interoperable solutions like Omni-Path Express software and CN5000 400Gb fabric. It announced a $29M Series B funding round on November 14, 2022, led by IAG Capital Partners with participation from Adit Ventures, Foresight Group, Intel Capital, KittyHawk Ventures, Ridgeline Partners, and SQN Venture Partners, aimed at expanding go-to-market capabilities and accelerating product roadmap delivery. Later activities include a $20M raise filed in April 2025 and a Series C with IAG Capital Partners. The company has 51-200 employees and continues developing HPC interconnects amid growing demand in AI and ML markets. |
| Nov 2022 | Series B | IAG Capital Partners (lead); SQN Venture Partners; Adit Ventures; Ridgeline Capital Partners; Foresight Group Holdings; KittyHawk; Intel Capital | $29M | Cornelis Networks, a provider of high-performance interconnects for technical computing workloads in HPC, AI, and ML, announced a $29M Series B funding round on November 14, 2022, led by IAG Capital Partners with participation from Adit Ventures, Foresight Group, Intel Capital, KittyHawk Ventures, Ridgeline Partners, and SQN Venture Partners. The company, spun out from Intel's Omni-Path business in 2020, had previously raised $20M in September 2020. The new capital was intended to expand go-to-market capabilities and accelerate product roadmap delivery, including the release of Omni-Path Express software and the CN5000 400Gb fabric. Cornelis Networks delivers purpose-built fabrics to enhance performance, reliability, and total cost of ownership for GPU and AI accelerator workloads at scale, targeting applications like training frontier models, scale-out inference, scientific research, and industry-specific AI solutions. Investors highlighted the company's experienced team, strong product roadmap, and position in high-growth markets seeking open, interoperable alternatives to dominant interconnect providers. Total funding reached approximately $49M across two rounds by late 2024. The firm continued developments, releasing networking hardware and software in June 2025 for connecting up to half a million AI chips in datacenters. |
| Sep 2020 | Series A | Downing Ventures (lead); Global Brain Corporation; Adit Ventures; Alumni Ventures; Intel Capital; Chestnut Street Ventures | $20M | Cornelis Networks is a Wayne, Pennsylvania-based company founded in 2019 that develops high-performance fabrics and interconnects for high-performance computing (HPC), high-performance data analytics (HPDA), and artificial intelligence (AI) applications, having spun out from Intel's Omni-Path business. On September 30, 2020, the company launched with a funding round of $20 million led by Downing Ventures, with participation from investors including Intel Capital, Chestnut Street Ventures, Adit Ventures, Alumni Ventures, Global Brain Corporation, described as the first close of its Series A funding. The company had 51-200 employees as of recent data and has continued operations, announcing products like Omni-Path Express in June 2021. The company remains active as of 2025, with ongoing developments in HPC interconnect technology. |
Who has invested in Cornelis Networks?
11 investors have backed Cornelis Networks across its funding rounds, including Intel Capital, IAG Capital Partners, Adit Ventures, Alumni Ventures, Global Brain Corporation and Foresight Group Holdings.
Lead investors include IAG Capital Partners and Downing Ventures.
Cornelis Networks Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Nov 2022 | ||
| 2 | Participant | Sep 2020 | ||
| 2 | Participant | Sep 2020 | ||
| 1 | Participant | Sep 2020 | ||
| 1 | Participant | Nov 2022 | ||
| 1 | Participant | Sep 2020 | ||
| 1 | Participant | Nov 2022 | ||
| 1 | Participant | Nov 2022 | ||
| 1 | Lead | Sep 2020 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialCornelis Networks Competitors
Cornelis Networks competitors include listed companies like Oracle, Oracle Corp Japan, Cisco and Arista Networks, and private ones like Celero Communications and Databricks.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $67B | $33B | $455B | 7.8x | ||
| Publicly listed | $1.8B | $589M | $7.7B | 3.9x | ||
| Private | - | - | $3B | - | ||
| Publicly listed | $63B | $19B | $435B | 6.9x | ||
| Publicly listed | $9B | $3.9B | $252B | 20.5x | ||
| Private | $7B | - | $190B | 27.1x |
Cornelis Networks Public Comps
Cornelis Networks is still privately-owned, but its public comps include Samsung, Oracle, Cisco, Palantir, Arista Networks, Amphenol, Foxconn Industrial Internet, Snowflake, Equinix and NTT Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $243B | $67B | 4.4x | 2.4x | 15.8x | 4.4x | |||
| $67B | $33B | 8.6x | 7.8x | 17.7x | 13.9x | |||
| $63B | $19B | 7.1x | 6.9x | 23.4x | 17.9x | |||
| $4.5B | $1.5B | 92.6x | 58.1x | 285.0x | 97.4x | |||
| $9B | $3.9B | 26.5x | 20.5x | 60.5x | 41.7x | |||
| $23B | $6.9B | 9.0x | 6.5x | 30.0x | 19.8x | |||
| $135B | $7.7B | 1.4x | 0.9x | 23.8x | 16.6x | |||
| $4.7B | ($1.3B) | 25.6x | 21.0x | (94.1x) | 121.7x | |||
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Common questions about Cornelis Networks
| When was Cornelis Networks founded? | Cornelis Networks was founded in 2019. |
| Where is Cornelis Networks headquartered? | Cornelis Networks is headquartered in Philadelphia, PA, United States. |
| Is Cornelis Networks publicly listed? | No, Cornelis Networks is a private, VC-backed company. |
| How much funding has Cornelis Networks raised? | Cornelis Networks has raised $298M across 5 funding rounds. |
| What was Cornelis Networks' last funding round? | Cornelis Networks' last funding round was a $205M Series C in September 2026, led by IAG Capital Partners. |
| Who are Cornelis Networks' investors? | Cornelis Networks' investors include IAG Capital Partners, Adit Ventures, Intel Capital, Global Brain Corporation, SQN Venture Partners, Alumni Ventures, Ridgeline Capital Partners, Foresight Group Holdings, Downing Ventures, KittyHawk and 1 other. |
| What is Cornelis Networks' revenue? | Cornelis Networks' latest recorded revenue is $20M (September 2026). |
| Which companies are comparable to Cornelis Networks? | Companies comparable to Cornelis Networks include Oracle, Oracle Corp Japan, Celero Communications, Cisco, Arista Networks and Databricks. |
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