Professor Daniel Shaddock

“I didn’t want to do this as a small business because I already had a day job that I quite liked as Professor at the Australian National University (ANU) School of Quantum Science. It was through the support of Michele Troni from the Hindmarsh venture capital team and Nick McNaughton from ANU Connect Ventures that I was able to crystalise my thoughts that this could be an exceptional commercial opportunity.

I didn’t have those skills or the insight to know what had to happen and how to make that occur. We decided we’d be a venture-funded start-up which allowed us to get started very quickly, allowed us to grow very quickly and ultimately has allowed us to scale to a very large size.

With the support of the Hindmarsh venture capital team, managing fund supported by the ACT Government, and ANU Connect Ventures, I was able to work through the spinout from the ANU, develop the plan, put in place the initial team and get the first prototype developed. The ANU was then able to introduce us to an alumni who had manufacturing connections in Malaysia and who not only invested alongside our initial venture partners but helped us with the final product design and manufacturing.

Those first few years were challenging and we were on the phone every few days, working through the problems, the opportunities and the cash management. That first team that backed us – Hindmarsh, ANU Connect Ventures and VSi – were instrumental. It’s really a rising tide lifts all boats, the more we can collaborate and share ideas and help each other out, the better”.

Professor Daniel Shaddock

Mr Michele Troni

We discovered Liquid Instruments through our involvement with the Australian National University (ANU) and our frequent co-investment with ANU Connect Ventures under leadership of Professor Mick Cardew-Hall.

After working together for over six months, ANU Connect Venture and Hindmarsh venture capital’s fund (Canberra Business Development Fund – an equal-share fund with the ACT Government) co-invested $1.3m to fund the seed round for Liquid Instruments.

We then helped the company moving through its start-up stage, setting up as a full commercial operation, sourcing the first prototype and accelerating through the product development phase.

Following the release of a commercial product, which received strong market validation, we were able to attract a US early-stage venture capital investor, ANZU Partners, who lead a strong Series A round which saw the company become a US corporation.

We have continued to support the company’s growth path and have been delighted that with the launch of Significant, we were able to take up Series A extension in February 2020.

Liquid Instruments, the team, the product and the business, is an exceptional applied tech company with a significant growth potential. It illustrates the value that can be created by backing deep tech early and working closely alongside to grow the business to maturity”.

Mr Michele Troni