Via intelcapital.com
The semiconductor startup's billion-dollar valuation reflects how desperately the AI hardware stack needs better plumbing, and why crypto miners should pay attention.
Eliyan Corporation, a Santa Clara-based semiconductor startup founded in 2021, has raised $145 million at a $1 billion valuation. The company builds chiplet interconnect technology designed to eliminate the data bottlenecks that plague AI chips. AMD, Arm, Meta, Intel Capital, and Coherent are among the investors backing Eliyan’s vision.
Samsung Catalyst Fund and Tiger Global co-led a $60 million Series B round in March 2024, and the company secured an additional $50 million strategic round in January 2026 with valuations reported between $962 million and $1 billion post-money.
What Eliyan actually does #
The company develops NuLink PHY technology, a chiplet interconnect solution that improves die-to-die and chip-to-chip connectivity in high-performance computing systems. Traditional approaches to connecting chiplets rely on expensive silicon interposers. Eliyan’s technology works with both high-end and standard packaging substrates, sidestepping that dependency entirely. The result is improved bandwidth and power efficiency without the premium price tag.
The bigger picture: AI infrastructure spending is accelerating #
Instead of building ever-larger monolithic chips, the industry is shifting toward multi-die architectures where smaller chiplets are connected together. AMD and Intel are already heading in this direction. Eliyan’s entire business exists to solve the interconnect speed problem that makes or breaks that approach.
The company’s total funding now sits at approximately $150 million to $157 million across multiple rounds. Key backers beyond those already mentioned include Micron Ventures and SK hynix, two of the world’s largest memory chip manufacturers.
What this means for investors #
Eliyan is private, pre-IPO, and focused squarely on semiconductor hardware with no blockchain connections. Publicly traded companies in Eliyan’s orbit, including AMD, Intel, and Arm, are worth watching for how aggressively they integrate chiplet architectures into their product roadmaps. With AMD, Arm, Meta, and Intel already invested in Eliyan, the adoption runway looks shorter than typical for a company at this stage.
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