Keysight backs Liquid Instruments in a $50M Series C

Liquid Instruments, a provider of software-defined test solutions, has announced a $50 million Series C round. The company’s website frames the news with a banner reading, “Now backed by Keysight,” though the provided materials do not name a formal lead investor beyond that reference.

Liquid Instruments sells a test-and-measurement platform built around software and hardware-accelerated real-time signal processing. In the company’s own product pitch, traditional test benches rely on separate boxes for each measurement, while its Moku platform replaces them with a single FPGA-powered device that can run multiple high-performance instruments and custom designs.

That positioning is central to how the company is trying to stand out. Rather than selling only fixed-function hardware, Liquid Instruments offers several hardware platforms — including Moku:Delta, Moku:Pro, Moku:Lab, and Moku:Go — alongside software, APIs for Python, MATLAB, and LabVIEW, and a catalog of integrated instruments such as an oscilloscope, spectrum analyzer, frequency response analyzer, lock-in amplifier, logic analyzer/pattern generator, waveform generator, PID controller, and more.

The website content provided does not specify how the Series C proceeds will be used. It also does not include valuation details, headcount, or a fuller investor roster. What it does show is the breadth of end markets Liquid Instruments is targeting: optics and photonics, microscopy and spectroscopy, quantum optics, aerospace and defense instrumentation, automated testing, semiconductor test, AI and machine learning, and education and research.

The company also uses customer logos to make its case for credibility, listing organizations and institutions such as NASA, Stanford University, NIST, Keysight, Applied Materials, Caltech, CERN, Lockheed Martin, and Texas Instruments as among those that trust the platform.

In practical terms, the Series C gives fresh backing to a company arguing that test equipment can be more flexible, more software-driven, and less dependent on racks of standalone instruments. The clearest market context in the source material is that Liquid Instruments is not just selling another box; it is selling a different setup for measurement systems altogether, centered on reconfigurable instrumentation delivered through its Moku family.