A short reach communication system includes a plurality of communication SERDES that communicate data over a short reach channel medium such as a backplane connection (e.g., PCB trace) between, for example, chips located on a common PCB. A multi-level modulated data signal is generated to transmit/receive data over the short reach channel medium. Multi-level modulated data signals, such as four-level PAM, reduce the data signal rate therefore reducing insertion loss, power, complexity of the circuits and required chip real estate.