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- Liquid Instruments
Liquid Instruments Valuation, Funding & Investors
Liquid Instruments is valued at $100M as of September 2022.
Last Liquid Instruments valuation
$100M
Series B · Sep 2022
Last Liquid Instruments funding round
$50M
Series C · Apr 2026
Cumulative funding Liquid Instruments raised
$110M
across 6 funding rounds
Key investors in Liquid Instruments
ANU Connect Ventures
Lockheed Martin Ventures
Anzu Partners
Acorn Capital Inv Fd
MA Growth Ventures
Significant Ventures
About Liquid Instruments
Liquid Instruments is a San Diego-based maker of reconfigurable, software-defined test and measurement instruments. Its Moku platform combines tools such as oscilloscopes and lock-in amplifiers into compact, FPGA-based devices used by engineers, scientists, and students in aerospace, quantum computing, and other advanced-engineering fields. The technology originated from research at Australian National University, and customers include NASA, Google, Qualcomm, and Stanford.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$100M (Sep 2022)
Sectors
Liquid Instruments Valuation
Liquid Instruments is currently valued at $100M, based on its Series B in September 2022.
The $29M round was led by Acorn Capital Inv Fd, with participation from Changer Club, Significant Ventures, Boman Enterprises, Decacorn Capital, MA Growth Ventures and 2 other investors.
Liquid Instruments valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2022 | Series B | $100M |
Liquid Instruments Funding History
Liquid Instruments has raised a total of $110M across 6 funding rounds.
Liquid Instruments' first fundraising round was a $1M seed round in December 2014. The most recent completed round was a $50M Series C in April 2026.
Liquid Instruments funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2026 | Series C | Keysight (lead); National Reconstruction Fund Corporation (lead) | $50M | - | Liquid Instruments raised $50 million in a Series C funding round co-led by Keysight Technologies and Australia's National Reconstruction Fund Corporation (NRFC). The investment accompanies a commercial agreement between Liquid Instruments and Keysight for joint development of AI-driven instrumentation, extending Keysight's reach across its customer portfolio in design, emulation, and test solutions. Funds will accelerate product development, scale the AI-powered platform, and expand go-to-market efforts in aerospace, defense, and semiconductor verticals. NRFC's participation supports Australia's sovereign capability in critical technology sectors. Liquid Instruments, a San Diego-based developer of software-defined test and measurement solutions, has now raised over $100 million total. The company focuses on AI-enabled platforms gaining traction in test gear applications. |
| Jun 2024 | Series A | Breakthrough Victoria (lead); Acorn Capital Inv Fd; Powerhouse Ventures; Lockheed Martin Ventures | $8M | - | Liquid Instruments develops reconfigurable, software-defined test instrumentation that combines multiple tools like oscilloscopes and lock-in amplifiers into compact, cost-effective devices used by engineers, scientists, and students worldwide across aerospace, quantum computing, and advanced engineering. The company's Moku platform originated from research at Australian universities, the ARC Centre of Excellence for Gravitational Wave Discovery, and NASA's Jet Propulsion Laboratory. Founded in 2014 as a spin-out from the Australian National University by Professor Daniel Shaddock, Liquid Instruments secured $12-15 million in funding on June 19, 2024, led by Breakthrough Victoria's $10-15 million investment, with participation from Lockheed Martin Ventures, Acorn Capital, and Powerhouse Ventures. The funds support expansion of manufacturing operations in Victoria, establishment of a new office in Melbourne, hiring in AI, machine learning, computer science, and advanced manufacturing, and growth of an internship program with Victorian universities. Post-investment, Liquid Instruments launched the Victorian-manufactured Moku:Delta platform and introduced AI-powered Generative Instrumentation with over two billion configurations, anchoring production of Moku:Go, Moku:Pro, and Moku:Delta locally while scaling global operations. |
| Sep 2022 | Series B | Acorn Capital Inv Fd (lead); Changer Club; Significant Ventures; Boman Enterprises; Decacorn Capital; MA Growth Ventures; ANU Connect Ventures; Lockheed Martin Ventures | $29M | $100M | Liquid Instruments develops precision software-defined instrumentation, including the Moku platform with reconfigurable test and measurement devices like oscilloscopes and lock-in amplifiers, leveraging FPGAs for applications in research, education, government labs, aerospace, defense, semiconductor, LiDAR, and quantum computing. The company originated from work at Australian universities, ARC Centre of Excellence for Gravitational Wave Discovery, and NASA's Jet Propulsion Laboratory, with customers including NASA, Google, Qualcomm, Stanford, Duke, and NIST. On September 13, 2022, Liquid Instruments announced a $28.5 million Series B funding round led by Acorn Capital, with participation from Lockheed Martin Ventures, Powerhouse Ventures, Spirit Super/ANU Connect Ventures, MA Growth Ventures, Significant Capital Ventures, and Boman Enterprises, bringing total funding to over $50 million. TechCrunch reported the round values the company at north of $100 million post-money. The capital supports accelerating growth, expanding product lines like Moku:Pro and Moku:Go, and introducing cloud-connected lab measurement services. The round followed record growth with a 4x year-over-year sales increase driven by demand for new products across key segments. Investors highlighted the platform's versatility, efficiency, and potential to disrupt the test and measurement industry by shifting from hardware to software-defined approaches. CEO Daniel Shaddock noted the funding positions the company to lead industry transformation. Acorn Capital CEO Robert Routley emphasized the Australian-developed technology's potential to evolve and benefit more industries. Lockheed Martin Ventures' Chris Moran praised its mission-critical functionality. A later June 2024 round of $12 million led by Breakthrough Victoria with repeat investors expanded Australian manufacturing and operations, indicating continued scaling. |
| May 2021 | Series A | Saar Gillai (lead); MA Growth Ventures; ANU Connect Ventures; Anzu Partners | $14M | - | Liquid Instruments announced a $13.7 million Series B funding round on May 19, 2021, supported by existing investors Anzu Partners and ANU Connect Ventures, along with new investors F1 Solutions and Moelis Australia's Growth Capital Fund. The company is an innovator in software-defined instrumentation, creating FPGA-based hardware solutions that combine reconfigurable hardware, digital signal processing, and specialized user interfaces for laboratory and research applications. The funding was earmarked to accelerate global adoption of Moku:Go, a portable engineering lab solution designed to support remote education during the COVID-19 pandemic, and to expand the company's product portfolio across education, R&D, and industrial markets. Liquid Instruments' technology leverages software-defined hardware to allow dynamic reconfiguration of instruments in the field, with its Moku:Lab product already in use at hundreds of top research institutions worldwide. The company's leadership emphasized that the round validated the market transition from hardware to software-defined instrumentation, positioning the company to scale new products across multiple vertical markets. |
| Jan 2019 | Series A | Anzu Partners (lead); Significant Ventures (lead); ANU Connect Ventures | $8M | - | Liquid Instruments raised $8.2 million in a Series A funding round on January 23, 2019, led by Anzu Partners with participation from ANU Connect Ventures as a follow-on investor and Significant Ventures. The company, founded in 2014 and based in Australia with leadership from an Australian National University professor, develops the Moku:Lab hardware testing device for scientific researchers and engineers. Moku:Lab integrates 12 precision testing and measurement instruments, including a digital amplifier and waveform generator, into a single system powered by a field-programmable gate array chip for software-reconfigurable signal processing and customization. |
| Dec 2014 | Seed | ANU Connect Ventures (lead) | $1M | - | - |
Who has invested in Liquid Instruments?
14 investors have backed Liquid Instruments across its funding rounds, including ANU Connect Ventures, Lockheed Martin Ventures, Anzu Partners, Acorn Capital Inv Fd, MA Growth Ventures and Significant Ventures.
Lead investors include Keysight, National Reconstruction Fund Corporation, Breakthrough Victoria, Acorn Capital Inv Fd, Saar Gillai and 3 other investors.
Liquid Instruments Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Dec 2014 | ||
| 2 | Lead | Jan 2019 | ||
| 2 | Lead | Sep 2022 | ||
| 2 | Participant | May 2021 | ||
| 2 | Lead | Jan 2019 | ||
| 2 | Participant | Sep 2022 | ||
| 1 | Participant | Sep 2022 | ||
| 1 | Lead | May 2021 | ||
| 1 | Participant | Sep 2022 | ||
| 1 | Participant | Sep 2022 | ||
| 1 | Lead | Apr 2026 | ||
| 1 | Lead | Jun 2024 | ||
This data is available for Pro users. Sign up to see all 14 Liquid Instruments investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialLiquid Instruments Competitors
Liquid Instruments competitors include listed companies like Optiscan Imaging, Arbe Robotics and TeraView Holdings, and private ones like Vault Creation, Viken Detection and Syft Technologies.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $319K | ($5M) | $112M | - | ||
| Private | - | - | $112M | - | ||
| Private | - | - | $89M | - | ||
| Publicly listed | $1M | ($48M) | $86M | 22.0x | ||
| Publicly listed | $17M | - | $80M | - | ||
| Private | - | - | $75M | - |
Liquid Instruments Public Comps
Liquid Instruments is still privately-owned, but its public comps include Optiscan Imaging, Arbe Robotics, TeraView Holdings, Genasys, Scanway, Aplisens, JTEC, Introl, Quartix and Viscom.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $319K | ($5M) | 320.5x | - | (20.2x) | - | |||
| $1M | ($48M) | 68.7x | 22.0x | (1.5x) | (2.1x) | |||
| $17M | - | 3.6x | - | - | - | |||
| $41M | ($13M) | 2.1x | 1.5x | (6.6x) | 75.8x | |||
| $6M | $220K | 23.4x | 13.6x | 599.5x | 117.2x | |||
| $39M | $5M | 1.3x | 1.3x | 10.0x | 6.4x | |||
| $12M | $2M | 4.8x | 2.8x | 35.1x | - | |||
| $159M | $14M | 0.4x | - | 4.6x | - | |||
This data is available for Pro users. Sign up to see all Liquid Instruments competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Liquid Instruments
| When was Liquid Instruments founded? | Liquid Instruments was founded in 2014. |
| Where is Liquid Instruments headquartered? | Liquid Instruments is headquartered in Canberra, Australia. |
| Is Liquid Instruments publicly listed? | No, Liquid Instruments is a private, VC-backed company. |
| What is Liquid Instruments' valuation? | Liquid Instruments was last valued at $100M in its Series B in September 2022. |
| How much funding has Liquid Instruments raised? | Liquid Instruments has raised $110M across 6 funding rounds. |
| What was Liquid Instruments' last funding round? | Liquid Instruments' last funding round was a $50M Series C in April 2026, led by Keysight and National Reconstruction Fund Corporation. |
| Who are Liquid Instruments' investors? | Liquid Instruments' investors include ANU Connect Ventures, Significant Ventures, Acorn Capital Inv Fd, MA Growth Ventures, Anzu Partners, Lockheed Martin Ventures, Changer Club, Saar Gillai, Boman Enterprises, Decacorn Capital and 4 others. |
| Which companies are comparable to Liquid Instruments? | Companies comparable to Liquid Instruments include Optiscan Imaging, Vault Creation, Viken Detection, Arbe Robotics, TeraView Holdings and Syft Technologies. |
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