Breakthrough Victoria is investing $15 million in Liquid Instruments, a pioneering company in reconfigurable, precision test instrumentation.

This investment will support Liquid Instruments' continued innovation and expansion, particularly within Victoria, fostering technological advancement and creating new job opportunities.


Investment type: Growth Capital

Investment vehicle: Convertible note

BV investment : $15,000,000


Liquid Instruments has developed a new class of reconfigurable, software-defined test instrumentation that is more compact and cost-effective than traditional test equipment.

Conventional instruments used by engineers, scientists and students to inspect, test, calibrate or measure parameters of electrical or electronic devices across a range of industries are often large and expensive.

They are also often designed for single functions or tasks, or they are designed as “boxes in boxes”. These legacy devices haven’t kept up with the pace of technological developments and remain hardware-centric.

Liquid Instruments' product suite leverages the highly configurable nature of field-programmable gate arrays (FPGAs) and a versatile software platform to create more efficient, adaptable and cost-effective instrumentation.


The majority of test and measurement hardware available in the market is built for very specific functions and cannot be easily or cheaply modified

There is also very little opportunity for these boxes to be economically customised, since their architecture and use of specific componentry makes them expensive and inflexible. In addition, there are often multiple compatibility issues between hardware devices, which are also known as modules

These challenges lead customers to a level of ‘tech debt’: they modify their products or research to be something less capable so it can be tested by older, fixed-capability test equipment that is often many years old, its cost making it prohibitive to replace.

Further adding to the problem, the pace and magnitude of technology development has increased both the number and complexity of issues that product developers need to test against, with legacy hardware unable to adapt easily to rapidly changing environments. This creates delays in project delivery and higher development costs, which are usually passed on to customers.


Liquid Instruments' new class of reconfigurable test instrumentation is more compact and cost-effective. They offer a software-defined instrumentation platform with fourteen instruments accessible through a single device, providing flexible solutions ranging from basic oscilloscopes to advanced tools like lock-in amplifiers.

Unlike conventional fixed-function instruments, Moku enables users to configure and reconfigure complex test scenarios, rapidly develop and deploy custom functions, and update functionality to meet evolving needs.


Liquid Instruments is already working with Victorian partners to manufacture its products, and the company will expand these efforts in the coming years in preparation for its highly anticipated next-generation device.


Liquid Instruments will also set up a new office in Melbourne, and the company plans to hire dozens of new employees in high-tech roles, including artificial intelligence, machine learning, computer science and advanced manufacturing.


Development of sovereign capability in highly specialised expertise yielding a major competitive advantage to Australian innovation landscape

Ecosystem Growth

The Liquid Instruments internship program will also grow to target students from Victorian universities, including the University of Melbourne, RMIT University, Swinburne University of Technology and Monash University. Undergraduate and graduate students will be given the opportunity to work alongside Liquid Instruments scientists and engineers to make contributions to the company’s development efforts, providing students with valuable real-world experience.