Canberra-based technology company Liquid Instruments has secured a $70 million Series C funding round to accelerate the global commercialisation of its AI-driven, software-defined instrumentation platform. The round was co-led by California-based engineering software giant Keysight Technologies and the Australian Government's National Reconstruction Fund Corporation (NRFC), which contributed $28.45 million to the raise.
Founded on research developed at the Australian National University (ANU) and NASA's Jet Propulsion Laboratory, Liquid Instruments is fundamentally reshaping how engineers interact with complex systems. The company's flagship platform, Moku, consolidates multiple traditional hardware instruments into a single, reconfigurable device where users can create and deploy custom measurement solutions via software.
The startup, now valued at over $400 million, has quietly built a formidable global customer base. Its technology is currently used by thousands of engineers across 30 countries, with named clients including Nvidia, Lockheed Martin, Blue Origin, Intel, and electric carmaker BYD.
As part of the investment, Keysight Technologies will partner directly with Liquid Instruments to develop a new class of AI-driven instrumentation. The collaboration aims to address the growing complexity of modern engineering challenges, particularly in aerospace, defence, semiconductor manufacturing, and quantum computing.
"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 Professor Daniel Shaddock, CEO and co-founder of Liquid Instruments and former Professor of Physics at ANU. "As systems grow more complex, our users need more flexible, AI-driven tools, and this new partnership with Keysight will accelerate that shift."
The company's decision to remain headquartered in Canberra, despite its massive US client base, underscores the maturation of Australia's deep tech ecosystem. "The pipeline of graduates coming out of ANU in computing, physics and engineering is genuinely world-class, and the innovation community here punches well above its weight," Professor Shaddock noted.
Beyond terrestrial applications, the funding also strengthens Australia's sovereign space capabilities, with Liquid Instruments' technology actively supporting future lunar and deep space exploration initiatives.
"The industry is shifting toward software-first and AI-enabled architectures," said Joaquin Torrecilla, Vice President of Software Transformation at Keysight. "Liquid Instruments extends this by using software and AI to directly shape hardware behaviour, creating more adaptable instrumentation. Together with Keysight's extensive portfolio, this enables more scalable and integrated test solutions."
Read the official company announcement here.
The Democratisation of Deep Tech Engineering
Traditional engineering and scientific research have long been bottlenecked by the cost and rigidity of physical test and measurement hardware. By shifting this capability into the software layer and augmenting it with AI, Liquid Instruments allows engineers to reconfigure their tools on the fly. This fundamentally accelerates the pace of R&D across critical sectors, from semiconductor design to quantum computing.
Australia's Sovereign Capability and Global Reach
The $28.45 million injection from the National Reconstruction Fund highlights a strategic imperative: retaining sovereign deep tech capability while competing globally. Liquid Instruments proves that Australian startups do not need to relocate to Silicon Valley to secure tier-one enterprise customers like Nvidia and Blue Origin, provided the core intellectual property is globally competitive.
The Real Cost of Legacy Infrastructure
For major technology and defence contractors, the cost of non-action is measured in delayed innovation cycles. Relying on static, legacy measurement hardware in an era of rapidly evolving AI and quantum systems creates insurmountable technical debt. Proactive leadership requires adopting adaptable, AI-driven architectures that can evolve alongside the systems they are designed to test.
What's Next to Review and Analyze?
With Keysight Technologies now both an investor and a strategic partner, the industry should monitor how quickly Liquid Instruments' software-defined approach is integrated into mainstream, enterprise-scale engineering workflows. Furthermore, the company's expanding footprint in the aerospace sector—particularly its applications in low lunar orbit and deep space communications—will be a critical indicator of its long-term strategic value.
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