Liquid Instruments Lands $50M to Fuel AI-Driven Test Revolution

SAN DIEGO, CA – April 28, 2026 – Liquid Instruments, a company at the forefront of software-defined test and measurement, today announced the successful close of a $50 million Series C funding round. The investment signals a major industry shift, co-led by global test and measurement giant Keysight Technologies and the Australian Government’s National Reconstruction Fund Corporation (NRFC).

The deal goes beyond a simple capital injection. Keysight, a market leader, will also enter into a strategic commercial arrangement with Liquid Instruments, a move designed to accelerate the development of a new class of artificial intelligence-driven instrumentation. This funding, which brings Liquid Instruments' total capital raised to over $100 million, will be used to enhance its AI-powered platform, accelerate product development, and expand its market presence in critical sectors including aerospace, defense, and semiconductors.

A New Paradigm in Test and Measurement

For decades, engineering labs and research facilities have been defined by benches stacked with distinct, single-purpose devices: oscilloscopes, spectrum analyzers, waveform generators, and lock-in amplifiers. Liquid Instruments is challenging this hardware-centric paradigm with a fundamentally different approach. The company's Moku platform consolidates the functionality of multiple traditional instruments into a single, compact hardware device powered by intelligent, reconfigurable software.

At the heart of this technology are Field-Programmable Gate Arrays (FPGAs), powerful processors that can be rewired through software to perform different tasks. This allows a user to switch their Moku device from an oscilloscope to a spectrum analyzer in seconds, or even build custom instruments with unique digital signal processing capabilities. What once required a significant investment in multiple pieces of equipment and weeks of integration can now be achieved in minutes on a single platform. This flexibility not only saves space and cost but also dramatically accelerates research and development cycles.

This approach is democratizing access to high-end measurement capabilities. Thousands of users, from quantum computing startups and university physics departments to major technology firms like Nvidia and Blue Origin, have already adopted the platform. The ability to rapidly adapt and customize test setups is invaluable in fast-moving fields where experimental needs can change daily.

“Advances in instrumentation are central to scientific discovery,” noted Brian Schmidt, a Nobel Laureate and board member at Liquid Instruments. “More adaptable and accessible measurement technologies enable researchers and engineers to explore problems that were previously out of reach, accelerating progress across both fundamental science and applied engineering.”

The Strategic Alliance Forging an AI-Powered Future

The involvement of Keysight Technologies, a pillar of the traditional test and measurement industry, is a powerful validation of Liquid Instruments' disruptive model. Keysight's decision to not only invest but also forge a commercial partnership underscores a broader industry pivot towards more agile, software-centric architectures.

“Keysight has long set the standard for precision, innovation, and trust in its solutions for the most complex engineering challenges, and its investment is a strong validation of our approach,” said Daniel Shaddock, CEO and co-founder of Liquid Instruments. “As systems grow more complex, our users need more flexible, AI-driven tools, and this new partnership with Keysight will accelerate that shift.”

The collaboration aims to pioneer the next generation of 'AI-driven instrumentation.' This involves using artificial intelligence and machine learning not just to analyze data, but to directly shape and control the hardware's behavior in real time. This could enable instruments that automatically optimize test sequences, predict failures, and adapt to complex, changing signals with unprecedented intelligence.

“The industry is shifting toward software-first and AI-enabled architectures,” explained Joaquin Torrecilla, Vice President of Software Transformation at Keysight Technologies. “Liquid Instruments extends this by using software and AI to directly shape hardware behavior, creating more adaptable instrumentation. Together with Keysight’s extensive portfolio, this enables more scalable and integrated test solutions.” This partnership hints at a future where Liquid Instruments’ agile platform could be integrated into Keysight's vast ecosystem, offering customers a powerful combination of established precision and next-generation flexibility.

National Ambition and Sovereign Capability

The co-leadership of the round by Australia’s National Reconstruction Fund Corporation (NRFC) adds a significant geopolitical and economic dimension to the deal. The NRFC has committed $28.45 million, an investment that aligns directly with its government mandate to build Australia's sovereign industrial capacity in critical technologies.

The NRFC was established with a $15 billion fund to invest in seven priority areas, including 'Enabling Capabilities'—which covers AI, quantum, and advanced manufacturing—and 'Defence Capability.' Liquid Instruments, whose technology originated from Nobel Prize-winning research at the Australian National University, sits squarely at the intersection of these strategic priorities.

“Liquid Instruments exemplifies the kind of high-impact innovation that strengthens sovereign capability while competing on the world stage,” said Mary Manning, CIO at the NRFC. The investment is designed to anchor the company's growth in Australia, with plans to scale up its Melbourne-based manufacturing facilities and create at least 20 new highly skilled engineering roles. This move aims to commercialize Australian innovation, attract further private capital, and reduce reliance on overseas supply chains for critical technologies.

Impact on Critical High-Tech Sectors

The new capital and strategic partnerships are set to amplify Liquid Instruments' impact on some of the world's most demanding industries. In aerospace and defense, where complex systems require highly specialized and reliable testing, the Moku platform's reconfigurability allows for rapid prototyping and validation of advanced avionics, radar, and communications systems. Customers like Lockheed Martin already leverage this flexibility.

In the hyper-competitive semiconductor industry, the pressure to innovate faster while controlling costs is immense. Traditional test equipment can be prohibitively expensive and inflexible when dealing with novel chip architectures. By consolidating instruments, Liquid Instruments reduces capital expenditure and lab footprint. The integration of AI promises to further accelerate development by automating fault detection and optimizing production yields.

From fundamental quantum research to the development of next-generation wireless communications, the need for adaptable and intelligent measurement tools is universal. By placing a versatile, software-defined laboratory into the hands of more engineers and scientists, this new infusion of capital is poised to not only grow a company but also accelerate the pace of innovation itself.