Eliyan Pitch Deck: All 19 Slides + Teardown

See all 19 slides of the Eliyan pitch deck — a 2024 Series A deck — with a slide-by-slide teardown of what the deck does well and where it falls short.

Eliyan’s 19-slide deck is a technical masterclass in identifying a specific, high-value bottleneck in the semiconductor industry: the limitations of current advanced packaging like CoWoS and EMIB. By focusing on their 'silicon-proven' Nulink D2D technology, the founders present a solution that offers 10x data rate per trace compared to conventional organic packages, effectively eliminating the need for expensive silicon interposers. The deck relies heavily on the pedigree of its founding team, including Ramin Farjadrad, who co-founded Aquantia. While the deck is light on traditional financial…

Key takeaways

Eliyan Pitch Deck Analysis

Eliyan is a hardware startup focused on the semiconductor industry, specifically addressing the 'interconnect bottleneck' that limits how chiplets communicate within a single package. As reported by Business Insider, the company raised a $40M Series A in 2024. Their deck is a highly technical document designed to convince sophisticated hardware investors that Eliyan has solved the primary cost and scaling issues currently facing AI and HPC chip manufacturing.

Slide 1-2: Title and Introduction

The deck opens with a minimalist title slide featuring the Eliyan logo and the tagline 'The Ultimate Chiplet System.' The branding is clean, using a deep blue and orange color palette. There is no fluff here; the focus is immediately on the company name and its core mission.

Slide 3: World-class Founding Team

Eliyan leads with its strongest asset: the team. In deep-tech hardware, the pedigree of the founders is often the primary signal for investors. Ramin Farjadrad is highlighted as a pioneer in connectivity technologies (BOW/UCIe) and a co-founder of Aquantia, which went public in 2017. With 130+ patents and a Stanford PhD, he represents the technical 'alpha.' Syrus Ziai adds engineering scale, having managed 100+ person teams at Qualcomm and Nuvia. Patrick Soheili rounds out the trio with business and operations experience from AMD and eSilicon. This slide establishes that the team has both the intellectual property (IP) creation capability and the operational experience to bring a complex chip to market.

Slide 5: The SiP Era

This slide sets the stage for the 'Why Now?' question. It illustrates the evolution of computing from the Single-Core era to the SoC (System on Chip) era, and finally to the current SiP (System-in-Package) era. The performance curves show that while Moore's Law is slowing down for single chips, performance is now being scaled through 'abundant parallelism' and 'multi-chip integration.' Eliyan positions itself at the very beginning of this new growth curve, suggesting a massive untapped potential for performance gains.

Slide 7: A Growing Movement

To validate the market demand, Slide 7 uses a 'social proof' collage of headlines from Forbes, Wired, The Wall Street Journal, and Protocol. The headlines focus on how chiplets are 'saving Moore's Law' and how industry giants like Intel and NVIDIA are pushing for standard chiplet interconnects (UCIe). This slide effectively argues that Eliyan isn't just building a niche product, but is part of a fundamental shift in how the world's most powerful computers are built.

Slide 9: 2.5D Packaging: Silicon Interposer (CoWoS)

Here, Eliyan begins the 'Problem' section by critiquing the current gold standard: TSMC's CoWoS (Chip on Wafer on Substrate). While acknowledging its high trace density, the slide lists six critical weaknesses: limited maximum system size, high cost, low yield, limited routability, long production cycles, and a limited supply chain. By calling out these specific pain points, Eliyan prepares the investor for a solution that addresses each one.

Slide 11: 2.5D Embedded Multi-Die Interconnect Bridge (EMIB)

Similar to Slide 9, this slide analyzes Intel's EMIB technology. It notes that while EMIB enables larger systems, it still suffers from high costs, low test coverage, and a limited supply chain. The inclusion of a physical photo of a chip package adds a layer of reality to the technical diagrams, reminding the investor that this is a tangible manufacturing problem.

Slide 13: Nulink: Eliyan’s Chiplet Connectivity Technology

This is the 'Solution' slide. Eliyan introduces Nulink , described as 'silicon-proven D2D technology.' The key metric here is '~10x data rate/trace,' which allows Eliyan to achieve advanced packaging performance using conventional organic packages. The diagram shows a 'Conventional MCM Package' evolving into a Nulink-enabled package, emphasizing that they can achieve high bandwidth without the exotic materials required by competitors.

Slide 15: Eliminating Silicon Interposers for ASIC-DRAM Connectivity

Slide 15 gets into the specific application of the technology. It shows how Nulink can connect HBM3 (High Bandwidth Memory) to an ASIC on a standard organic substrate. The slide lists benefits such as 'full wafer-level test coverage' and 'UCIe compatibility,' which makes adoption easier for customers already looking at industry standards. This slide is crucial because it demonstrates that Eliyan’s tech is a drop-in replacement that simplifies the supply chain by using standard partners like ASE and Amkor.

Slide 17: Major Cost & Yield Improvement

This is the 'Economic' slide and perhaps the most important for a Series A. Eliyan compares 'Chiplets with micro bumps' (the current standard) to 'Chiplets with standard bumps' (Eliyan’s approach). The data is stark: yield increases from ~50% to 87% for a complex system (12 HBM + 2 ASICs). Consequently, the effective cost drops from ~$12K to ~$6.8K . Furthermore, they claim to eliminate the 4-8 week lead time required for advanced packaging steps. This slide transforms a technical innovation into a clear business advantage: it’s faster, cheaper, and more reliable.

Slide 19: Providing a Paradigm Shift in HPC

The final slide summarizes the impact. Eliyan claims to 'democratize' chiplet implementation by making it accessible to more fabs and regions, rather than being locked into a few high-end providers. They also lean into the sustainability narrative, noting that higher yields mean less wasted material and lower power consumption. The slide ends on a high note, positioning Eliyan as the key to scaling AI and HPC for hyperscalers.

What Works in Eliyan's Deck

Founder Credibility: The team slide is exceptionally strong. In a field as specialized as semiconductor interconnects, having a founder who literally wrote the standards (UCIe/BOW) is a massive competitive moat. · Quantifiable Value: Slide 17 is the 'money slide.' It doesn't just say the tech is better; it provides a specific cost reduction (~$5.2K per system) and a specific yield improvement (37%). These are the metrics that drive enterprise adoption. · Clear Problem/Solution Fit: The deck does an excellent job of explaining why current solutions (CoWoS/EMIB) are failing to meet the needs of the AI era and how Eliyan specifically bridges that gap. · Visual Clarity: Despite the technical nature of the content, the diagrams are clear and consistently formatted, making it easier for a non-engineer investor to follow the logic of the 'interposer-less' architecture.

What Is Missing from Eliyan's Deck

The Ask: As presented, the deck does not include a slide detailing the funding amount requested or the specific milestones that the $40M Series A will fund. · Financial Projections: There are no revenue targets, pricing models, or market size (TAM/SAM/SOM) calculations. While the cost-per-unit savings are shown, the overall business scale is not. · Competitive Landscape: While they compare themselves to packaging technologies (CoWoS, EMIB), they do not mention other startups or competitors in the D2D (Die-to-Die) interconnect space, such as Alphawave or Rambus. · Customer Traction: The deck mentions the tech is 'silicon-proven,' but it does not name any partners, pilot programs, or early-access customers. In a Series A, investors typically look for some level of commercial validation.

Founder Takeaways

Lead with Pedigree: If your team has deep domain expertise or a history of successful exits in a technical field, put that slide first. It frames every subsequent technical claim as credible. · Focus on the Bottleneck: Eliyan doesn't try to solve all of semiconductor manufacturing. They focus exclusively on the interconnect. By narrowing the scope, they make the problem feel solvable and the solution feel essential. · Translate Tech to Dollars: The most effective slide in the deck is the one that translates 'bump pitch' into 'effective cost.' Founders should always aim to show how their technical innovation results in a better P&L for their customers. · Use Industry Standards as a Tailwind: By mentioning UCIe compatibility, Eliyan shows they are not building a proprietary island. They are building a better engine that fits into the industry's existing roadmap, which lowers the perceived risk for customers.

Frequently asked questions

What is Eliyan's core value proposition?
Eliyan's core value proposition is its Nulink D2D technology, which enables high-bandwidth chiplet connectivity on conventional organic packages. This eliminates the need for expensive and supply-constrained silicon interposers (like TSMC's CoWoS), significantly reducing manufacturing costs, increasing yields from 50% to 87% in complex systems, and shortening production cycles by 4 to 8 weeks.
Who are the founders and why do they matter?
The team is led by Ramin Farjadrad, Syrus Ziai, and Patrick Soheili. Farjadrad is a Stanford PhD with 130+ patents who co-founded Aquantia (IPO 2017). Ziai brings 30 years of experience from Qualcomm and Nuvia, while Soheili has a background in executive roles at eSilicon and AMD. Their collective experience in productizing connectivity standards and managing large engineering teams provides the technical credibility necessary for a hardware Series A.
How does Eliyan compare to existing packaging technologies?
Existing technologies like CoWoS and EMIB offer high density but suffer from limited system size, high costs, and long production cycles. Eliyan’s Nulink provides ~10x the data rate per trace of conventional methods, matching the performance of advanced packaging while using standard organic substrates. This allows for larger system sizes and a more flexible supply chain including partners like ASE and Amkor.
What market is Eliyan targeting?
Eliyan is primarily targeting the High-Performance Computing (HPC) and Artificial Intelligence (AI) sectors. These industries require massive ASIC-to-DRAM (HBM3) connectivity. By 'democratizing' chiplet implementation across a wider range of fabs and geographical regions, Eliyan aims to serve hyperscalers and chip designers who are currently bottlenecked by advanced packaging availability.
What is missing from this pitch deck?
The deck is highly technical and lacks several standard venture components. There is no explicit 'Ask' slide detailing how the $40M will be spent, no multi-year financial roadmap, and no detailed competitive landscape beyond general packaging categories. It also omits a specific go-to-market strategy or list of current pilot customers, though it mentions the technology is 'silicon-proven.'
Cover slide of the Eliyan pitch deck — Series A 2024
Eliyan pitch deck, slide 1 (2024)

Eliyan pitch deck: the facts

Company
Eliyan
Year
2024
Stage
Series A
Slides
19
Sector
Hardware
Outcome
$40M raised

Eliyan pitch deck PDF

The full Eliyan deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the Eliyan pitch deck was used for

This deck is a 19-slide Series A fundraising presentation from 2022 for Eliyan, a Santa Clara–based semiconductor company developing NuLink, a high-performance die-to-die (D2D) chiplet interconnect technology.[8][10] It was used to raise a $40 million Series A round aimed at commercializing Eliyan’s chiplet interconnect IP as a lower-cost alternative to complex advanced packaging such as silicon interposers and EMIB for AI and high-performance computing systems.[5][8][10] The deck emphasizes enabling chiplet-based systems-in-package on standard organic substrates by overcoming bandwidth and performance limitations of conventional multi-chip modules. It positions Eliyan within the broader industry movement toward chiplets, reticle-size SoC disaggregation, and standard chiplet interconnects like UCIe and BoW.[5][7][8]

Business model: Develops and licenses high-performance die-to-die (D2D) chiplet interconnect IP and related connectivity products for AI and high-performance computing systems.[1][8]

Round
Series A.[5][8][10][14]
Lead investor
Tracker Capital Management.[8][14]
Investors
Tracker Capital Management.[8][14], Celesta Capital.[8][14], Intel Capital.[8][10][14], Micron Ventures.[8][10], Cerberus (via association with Tracker’s earlier investment and board representation).*[14]
Headquarters
Santa Clara, California, United States.[8][10][14]

Year: 2022.[5][8][10][14]

Raised: $40 million Series A funding round closed in November 2022.[5][8][10][14]

Industry: Semiconductor / chiplet interconnect and connectivity IP for AI and high-performance computing.[1][8]

Total funding: More than $100 million in total investment as of August 2024, including a $40M Series A (2022) and a $60M Series B (2024), plus additional strategic investment.[1][8][9]

Use of funds as presented: Commercialization of Eliyan’s NuLink chiplet interconnect technology and successful tapeout on an industry-standard 5 nm process, enabling multi-die chiplet integration over standard packaging substrates for AI and high-performance computing systems.[5][8]

What happened after the Eliyan deck

Following the Series A deck and associated $40 million round in 2022, Eliyan has continued to raise capital, including a $60 million Series B in 2024 and further strategic funding, and remains an active chiplet interconnect company serving AI and high-performance computing markets.[1][3][8][9]

What the Eliyan deck got right

What could have been stronger

How an investor would read this deck

What draws attention

Risks that stand out

Questions this deck invites

What founders can take from the Eliyan deck

Eliyan pitch deck: common questions

What does Eliyan do?

Eliyan is a semiconductor company based in Santa Clara, California, developing high-performance die-to-die (D2D) chiplet interconnect IP and connectivity products for AI and high-performance computing systems.[1][8][10] Its core technology, branded as NuLink, targets multi-die chiplet integration over standard packaging substrates while reducing complexity, power, and cost.[8]

How much did Eliyan raise in its Series A and who invested?

Eliyan raised a $40 million Series A round that closed in November 2022.[5][8][10][14] The round was led by Tracker Capital Management with participation from Celesta Capital and strategic investors including Intel Capital and Micron Ventures.[8][10][14]

What was Eliyan raising money for with this deck?

According to Eliyan’s Series A press release, the $40 million funding was intended to commercialize its NuLink chiplet interconnect technology and support tapeout on an industry-standard 5 nm process, enabling high-performance D2D connectivity over standard packaging substrates.[8] The deck text reinforces that the company aims to replace complex packaging like EMIB and silicon interposers in AI and high-performance computing markets.[8]

Who are Eliyan’s main investors around the time of this deck?

Eliyan’s Series A round was led by Tracker Capital Management.[8][14] Other investors included Celesta Capital and strategic investors Intel Capital and Micron Ventures.[8][10][14] Subsequent financing rounds added investors such as Samsung Catalyst Fund, Tiger Global Management, SK hynix, and others, but those later rounds are separate from this Series A deck.[1][6][9]

Is Eliyan’s NuLink D2D technology already proven in silicon?

Yes. The Series A deck describes Eliyan’s NuLink D2D interconnect technology as silicon-proven and implemented on an industry-standard 5 nm process, and Eliyan announced successful tapeout at the time of the Series A funding.[8] The company’s later press releases describe NuLink as a superset of standards like BoW and UCIe that provides differentiated power and performance for chiplet integration over a variety of packaging substrates.[8]

Sources

Funding and outcome facts on this page were researched on 2026-08-30 from the pages below.

Eliyan pitch deck slides

Eliyan pitch deck slide 1 of 19
Eliyan pitch deck — slide 1 of 19
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What each slide of the Eliyan pitch deck says

Slide 1

eliyan The Ultimate Chiplet System Eliyan Introduction Si Eliyan Confidential and Proprietary E

Slide 2

Eliyan Introduction ° Eliyan revolutionizes next generation chiplet systems by enabling chiplet integration on standard packaging, eliminating the need for complex packaging alternatives (EMIB/Silicon Interposer) ® This capability is provided by * Eliyan's silicon proven unigue chiplet interconnect technology * Patented 3D/2.5D scheme enabling integration of any chiplet on standard substrate ® Addresses unanimous customer need to remove advanced packaging drawbacks: * Performance limitations, low yield, manufacturing complexity, high cost, etc. * Eliyan mission is to help accelerate adoption of chiplets * Eliyan is targeting the S8B HBM market (CAGR of 50%), and $50B chiplet market. Eliyan…

Slide 3

World-class Founding Team Proven track record of success Ramin Farjadrad bt ] Successful track record of productizing bleeding edge connectivity technologies, e.g., BOW/UCle Pioneered technologies adopted as International Standards: IEEE 802.3bz, 802.3cd, 802.3ch and OCP/BoW Cofounded Aquantia IPO 2017, Marvell Technologies acquisition 2019 Stanford EE PhD, 20 years experience, 130+ Patents in Communication Chips = Syrus Ziai: 4 J VP engineering at Nuvia, Ikanos, Qualcomm, and PsiQuantum Y Breadth of experience in systems, chip arch, design methodologies, and packaging - Ability to recruit/manage 100+ engineering teams quickly and effectively M.Sc. EE Stanford, 30 years experience in comput…

Slide 4

End of Moore’s Law? Source: Al and Compute, Amodei and Hernandez Demand for more compute performance in Al, HPC, = mel and general-purpose compute is accelerating =- == === =x ammo mmm om ooo, wo ET —— = 2eyear doubling (Moore's law) 3.4-month doubling 3 wo ESE I While performance leap provided by the process £ mma ENS, technology from one generation to another Eo EEE B EE slowing down (end of Moore's Law). i Eliyan Confidential and Proprietary

Slide 5

Chiplet-based Systems-in-Package (SiP) Providing new dimensions to scale the performance Single-Core era SoC era SiP era Enabled by Enabled by Enabled by = Moore's Law = Moore's Law = Abundant parallelism = Speed/Voltage = Multiprocessing = Multi-chip integration scaling = Optimized per function Performance Performance Performance ....And they are just starting with many new potentials Eliyan Confidential and Proprietary

Slide 6

All major compute players already have SiP products gin BE AMID M1200 Nvidia H100

Slide 7

A growing movement B e s F % . Deties To Keep Pace With Moore's Law, Chipmakers Turn to 'Chiplets' Chiplets helped save AMD. They might also e g i veteg Log o help save Moore's law and head off an energy crisis. Intel's Push For UCIe Will Enable Lower System Costs Chiplets will revolutionize the HPC sector Rob Farber, TechEnablement Wayto the Megachip Ase NVIDIA Joins Push to Create Standard Chiplet Interconnect Eliyan Confidential and Proprietary

Slide 8

Main use cases for chiplet technology % 2 1 X < A4 Monolithic SoC Modular Chiplet-Based System-in-Package System on PCB SoC disaggregation SiP: System-in-Package + Enables SoCs larger than reticle & higher yield + Smaller footprint + Uses optimized processes per functions * Higher performance ¢ Reduces R&D cost in advanced nodes * Lower power * Reduces time-to-market * Lower cost All use cases need super efficient die-to-die (D2D) PHY's to connect chiplets with different functions in one package Eliyan Confidential and Proprietary

Slide 12

2D MCM on organic/laminate substrate XXXKX XIXX Organic Substrate An ultra high-bandwidth D2D PHY on organic solves this only negative of organic MCM Low density traces limit D2D bandwidth Enables large & complex systems in package Lowest cost and highest test coverage Flexible routability and long reach Short production cycle times Robust and widely available supply chain HE O OEE Eliyan Confidential and Proprietary

Slide text above is read directly from the Eliyan deck PDF embedded on this page.

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