San Diego, CA — April 28, 2026 — Liquid Instruments, a pioneer in software-defined test solutions, today announced the close of its $50 million Series C funding round, co-led by Keysight Technologies, Inc. (NYSE: KEYS), a global leader in design, emulation, and test solutions, and the Australian Government’s National Reconstruction Fund Corporation (NRFC). In addition to investing, Keysight will enter into a commercial arrangement with Liquid Instruments that positions Liquid Instruments and Keysight to accelerate a new class of AI-driven instrumentation.
Liquid Instruments takes a fundamentally different approach to instrumentation, consolidating multiple instruments into a single reconfigurable platform where users can create and deploy their own custom measurement solutions. What once took months, can now be achieved in minutes, dramatically expanding access to advanced measurement capabilities.
With thousands of users worldwide, including top technology companies, research institutes, quantum startups, and defense primes, Liquid Instruments is seeing strong adoption as engineering teams increasingly seek more adaptable and efficient approaches to test.
“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 industry is shifting toward software-first and AI-enabled architectures,” said 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.”
The participation of the NRFC highlights its role in supporting Australian technology companies that are scaling globally in critical technology sectors.
“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 funding will be used to accelerate product development, scale Liquid Instruments’ AI-powered platform, and expand go-to-market in key verticals, including aerospace, defense, and semiconductor.
“Advances in instrumentation are central to scientific discovery,” said Brian Schmidt, Nobel Laureate and Liquid Instruments board member. “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.”
For more information, visit https://liquidinstruments.com/
About Liquid Instruments
Liquid Instruments is redefining test and measurement with software-defined instrumentation that combines high-performance hardware with intelligent software. Its platform enables engineers to design, test, and deploy systems with greater speed, flexibility, and precision by consolidating multiple instruments into a single, reconfigurable device. Liquid Instruments supports thousands of users worldwide across aerospace and defense, semiconductor, and quantum research. Learn more at www.liquidinstruments.com.
About Keysight Technologies
At Keysight (NYSE: KEYS), we inspire and empower innovators to bring world-changing technologies to life. As an S&P 500 company, we’re delivering market-leading design, emulation, and test solutions to help engineers develop and deploy faster, with less risk, throughout the entire product lifecycle. We’re a global innovation partner enabling customers in communications, industrial automation, aerospace and defense, automotive, semiconductor, and general electronics markets to accelerate innovation to connect and secure the world. Learn more at Keysight Newsroom and www.keysight.com.
About the National Reconstruction Fund Corporation (NRFC)
The NRFC is Australia’s sovereign investor in manufacturing capability. It has $15 billion to invest through direct loans, equity investments and loan guarantees across seven priority areas: renewables and low emissions technologies; enabling capabilities; defence capability; transport; value-add in resources; value-add in agriculture, forestry and fisheries; and medical science.
The NRFC’s role is to invest in Australian businesses and projects that design, refine
and make to transform capability, grow jobs and a skilled workforce, and diversify our economy. The NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023. For more information, visit nrf.gov.au.
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