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Investing in Eliyan: Building the Connectivity Foundation for the AI Computing Era
Investing in Eliyan: Building the Connectivity Foundation for the AI Computing Era
TGVP is excited to announce our investment in Eliyan, a semiconductor technology company developing high-performance, power-efficient connectivity solutions for next-generation AI and high-performance computing systems.
Our investment thesis is grounded in a fundamental shift taking place across the semiconductor industry: as the performance requirements of AI systems continue to grow, computing architectures are moving beyond traditional monolithic chips toward increasingly complex multi-die, chiplet-based systems.
For decades, improvements in semiconductor performance were driven largely by Moore’s Law and continued process-node scaling. Today, however, the economics and technical challenges of manufacturing increasingly large monolithic chips are making it more difficult to achieve performance gains through transistor scaling alone.
At the same time, AI workloads are creating unprecedented requirements for compute performance, memory bandwidth, and connectivity.
The result is a transition toward architectures in which multiple compute, memory, and I/O dies are integrated into a single system. This approach allows semiconductor companies to combine specialized chiplets manufactured using different process technologies while improving scalability, yield, and system flexibility.
However, as computing becomes increasingly distributed across multiple dies, the interconnect itself becomes a critical system bottleneck.
Connecting chiplets requires extremely high bandwidth while simultaneously minimizing power consumption, latency, silicon area, and packaging complexity. These requirements become even more challenging as AI systems scale beyond individual packages toward larger compute systems.
This is where Eliyan is uniquely positioned.
Eliyan has developed NuLink™, a high-performance PHY architecture designed for die-to-die and die-to-memory connectivity. NuLink supports industry standards including UCIe and BoW and can operate across both advanced packaging and conventional organic substrates.
Eliyan has demonstrated its technology in silicon across advanced semiconductor process nodes. Its NuLink 2.0 implementation on a 3nm process demonstrated 64 Gbps per bump while maintaining compatibility with UCIe, illustrating the combination of bandwidth and packaging flexibility that the architecture can provide.
Importantly, Eliyan’s technology can enable high-bandwidth chiplet connectivity using standard organic packaging in applications that would otherwise require more complex advanced packaging technologies such as silicon interposers. This has the potential to reduce packaging complexity and cost while enabling larger and more flexible multi-die systems.
Eliyan is also extending its technology beyond die-to-die connectivity. As AI clusters continue to scale, connectivity increasingly needs to extend from die-to-die, to chip-to-chip, and ultimately toward electro-optical interconnects. Eliyan’s expanding technology portfolio is designed to address this broader connectivity stack, positioning the company to become an important infrastructure layer for next-generation AI systems.
Strategic Relevance to TOPPAN
Eliyan’s technology is also highly relevant to TOPPAN’s long-standing presence in the semiconductor ecosystem.
As semiconductor architectures shift toward chiplets and heterogeneous integration, the intersection of semiconductor design, high-speed connectivity, and advanced packaging is becoming increasingly important. TOPPAN has extensive experience supporting the semiconductor industry through its manufacturing and packaging technologies.
Eliyan is particularly interesting from this perspective because its technology supports high-bandwidth connectivity across both advanced and conventional packaging approaches. For TOPPAN, working with companies such as Eliyan provides an opportunity to better understand emerging requirements for next-generation AI systems and explore how its packaging technologies can support these evolving architectures.
Through TGVP’s investment, we look forward to supporting Eliyan’s growth while exploring opportunities to create mutual value by connecting Eliyan’s connectivity technologies with TOPPAN’s packaging capabilities and semiconductor ecosystem.
Building the Connectivity Layer for AI
We believe this represents a significant opportunity. As AI compute continues to scale, system performance will increasingly depend not only on how quickly individual processors can compute, but also on how efficiently compute, memory, and networking components can communicate with one another.
Eliyan has also attracted strategic support from across the semiconductor and AI ecosystem, including AMD, Arm, Cisco Investments, Coherent, Intel Capital, Lumentum, Meta, Micron Ventures, and Samsung Catalyst Fund, reflecting the broad relevance of its technology across compute, memory, networking, and optical infrastructure.
We are thrilled to partner with Ramin Farjadrad and the Eliyan team as they continue building the connectivity technologies that can enable the next generation of scalable AI computing infrastructure.
About TGVP
TGVP is the U.S. Corporate Venture Capital arm of TOPPAN, Inc. Founded in 2022 and based in San Mateo, California, TGVP focuses on venture capital investments in U.S. startup companies in Sustainability and Digital Transformation. For more information, please visit www.tgvp.vc
About TOPPAN
Established in Tokyo in 1900, TOPPAN is a leading and diversified global provider committed to delivering sustainable, integrated solutions in fields including printing, communications, security, packaging, décor materials, electronics, and digital transformation. TOPPAN offers optimal solutions enabled by industry-leading expertise and technologies to address the diverse challenges of every business sector and society and contribute to the achievement of shared sustainability goals. For more information, please visit www.holdings.toppan.com/en/
About Eliyan
Eliyan develops foundational connectivity technologies for next-generation AI and high-performance computing systems. Its NuLink™ technology provides high-performance, power-efficient connectivity for multi-die and chiplet architectures, supporting industry standards including UCIe and BoW across both standard and advanced packaging. Eliyan is headquartered in Santa Clara, California. For more information, please visit www.eliyan.com.