Cornelis, an AI networking technology company spun out of Intel in 2020, raised $205 million in a funding round led by IAG Capital Partners. The company develops networking technology designed to help AI chips communicate more efficiently. Cornelis has released Active Compute Fabric, a product aimed at reducing wasted GPU time caused by chips waiting for data by enabling chips to process and transmit information simultaneously. The company is positioning its open architecture against Nvidia, allowing customers to use multiple GPUs and accelerator hardware on its network architecture. Cornelis has begun shipping products and is developing a next-generation product expected to launch later this year.