6K Additive Announces US$1.95M Award by Defense Logistics Agency
GelSight’sModulus Reaches 100-Units Sold Milestone
ExOneAnnounces Series of Customer-Focused Updates
ImmunoScapePresents New Seed and Boost Data at AACR 2026
Hi Anzu Partners Community,
This is Jimmy Kan, Partner at Anzu Partners, highlighting Liquid Instruments, Anzu's portfolio company focused on next-generation test and measurement infrastructure. The company just closed a landmark financing round with one of the most strategically significant co-investors we have seen in this space.
On April 28, Liquid Instruments announced a $50M Series C co-led by Keysight Technologies and Australia's National Reconstruction Fund Corporation. Keysight is not just a financial investor. The world's largest precision test and measurement company is entering a commercial arrangement with Liquid Instruments to jointly develop the next generation of AI-driven instrumentation. When the incumbent that sets the global standard for precision measurement bets this closely on a startup, with capital and a commercial partnership, it is worth understanding what they are backing.
They are backing a fundamental shift in how instrumentation works. Test and measurement has not changed meaningfully in decades: purpose-built boxes, one function per unit, configured around what the vendor ships rather than what the engineer actually needs. Liquid Instruments was founded to change that. Their platform consolidates multiple instruments into a single reconfigurable device, letting engineers design and deploy their own measurement setups in software. What used to take months and a rack of specialized hardware, can now be done in a single box, configured in minutes. Thousands of users spanning top technology companies, research institutions, quantum startups, and defense primes, have adopted Liquid Instruments’ platform.
The centerpiece of that platform is Moku AI, which puts advanced AI capabilities directly in engineers' hands so teams can customize their measurement setup around the problem they are trying to solve, rather than bending their work around what off-the-shelf instruments happen to support. The product development momentum heading into the raise was already strong. In March, the company shipped MokuOS 4.2, a significant update to Moku:Delta, their flagship reconfigurable platform, unlocking the full 5 GSa/s sample rate for custom real-time signal processing, extending analog input bandwidth to 6 GHz for RF measurement, and expanding Multi-Instrument Mode to five simultaneous instruments. These are not incremental improvements; they are the kind of capabilities that make a single Moku: Delta competitive with expensive multi-instrument setups.
The Series C will accelerate product development and expand go-to-market in key verticals — aerospace, defense, quantum computing, and semiconductor — where demand for flexible, AI-driven instrumentation is growing fastest. Liquid Instruments is a rare case where the technology, the market timing, the commercial traction, and the team all line up at once. The Keysight partnership is a strong external validation of what we have believed since we invested. Congratulations to Daniel Shaddock, Danielle Wuchenich, Saar Gillai, and the entire team — well deserved, and we are looking forward to what’s next for the company.
Sincerely,
Jimmy Kan, Partner, Anzu Partners
PORTFOLIO COMPANY UPDATES
XGS Energy and CC Power Announced 115 MW Next-Generation Geothermal Development Agreement
XGS Energy and California Community Power (CC Power) announced the execution of a Geothermal Exploration, Offtake, and Development Engagement (GEODE) Agreement to support the development of 115 megawatts (MW) of next-generation geothermal energy in California, building on a shared commitment to clean, firm power that strengthens grid reliability and supports the state’s long-term energy goals.
This agreement underscores XGS’s readiness to execute at scale to support CC Power’s member agencies, collectively representing more than 2.7 million customers across nine California Community Choice Aggregators (CCAs). XGS’s recent commercial-scale demonstration in Inyo County, California showcased its ability to efficiently develop and operate projects within the state.
South 8 Technologies Executed $9.2M PowerForward Grant Agreement to Expand Advanced Battery Manufacturing in San Diego
South 8 Technologies, a California-based advanced battery company, announced the execution of a funding agreement under the PowerForward Battery Manufacturing Grant Program, administered by CALSTART with support from New Energy Nexus (NEX), UC Berkeley Labor Center and funded by the California Energy Commission (CEC).
Under the executed agreement, South 8 will expand its current San Diego headquarters to support its growth to scale LiGas electrolyte production to 100 MWh and lithium-ion cell production to 2 MWh annually. Battery cells produced in the project will be supplied to South 8’s defense, aerospace, and mobility customers. Customers receiving South 8 battery cells will include global automotive manufacturers in support of development and qualification programs.
6K Additive Awarded US$1.95M by Defense Logistics Agency
6K Additive, Inc. (ASX: 6KA) (6K Additive) has been awarded a Phase II contract with a total value of US$1.95 million over an 18‑month term. The Award aims to lessen the U.S. military’s dependence on foreign sources for critical strategic metals. The initiative, titled “Recovering Strategic Value,” focuses on converting domestic scrap from select United States Military Depots including Nickel, Titanium, Tungsten, and Niobium, into high-value metal powders for additive manufacturing and defense readiness.
The goal of the Award is to maximize the value of end-of-life components, high demand and high value metal alloys by leveraging the baseline processes developed in previous 6K Additive DLA awards. Specifically, the Scope of Work (SOW) for Phase III is expected to focus on materials from DLA Disposition Services, the Navy and the Air Force Life Cycle Management Center and aligning processes to maximize value for the DoD.
GelSight’s Modulus Reached 100-Units Sold Milestone
GelSight® announced that the defense-born GelSight® Modulus™ has surpassed 100 units sold to commercial and Department of Defense customers.
Named for the modular probe architecture that emerged from Army requirements, the Modulus was originally developed under Contract W911W6-23-C-0002 with DEVCOM Aviation & Missile Center (DEVCOM AvMC). It is now deployed across commercial aerospace, manufacturing, and quality control applications where surface integrity is critical to safety and performance. The 100-unit milestone marks a significant inflection point for GelSight, demonstrating that technology developed in close collaboration with U.S. Army maintainers has broad applicability far beyond its defense origins.
ExOne Global Holdings Established Printhead Manufacturing in Detroit, Cut Maintenance Prices for U.S. Customers
ExOne Global Holdingsannounced a series of customer-focused updates, including the start of U.S. manufacturing of its Spectra Mono-Z printhead in the Detroit area, the establishment of a local parts inventory in Detroit, a new transparent annual price list, a refreshed maintenance program, and free 24/7 live phone support for all S-Max customers. Together, these updates directly address the lead-time, support, and total-cost-of-ownership priorities most commonly raised by binder jet operators across U.S. industrial markets.
ExOne Global Holdings has begun manufacturing its Spectra Mono-Z printheads at its facility in Canton, Michigan, marking the first step in a longer-term program to bring additional major subsystems into U.S. production. The move reflects the company’s commitment to supply chain resilience and positions the company to serve defense, aerospace, automotive, energy, and foundry customers with reduced dependence on international component sourcing.
ImmunoScape Presented Data on Significant, Selective In-Vivo Expansion of Cell Therapy Product at AACR Annual Meeting
ImmunoScapepresented compelling new preclinical data at the American Association for Cancer Research (AACR) Annual Meeting 2026. The poster, titled “A novel ‘Seed-and-Boost’ immunotherapy drives potent TCR-T cell expansion, tumor infiltration, and durable tumor control,” was presented on Monday, April 20, 2026 by Michael Fehlings, PhD, Co-Founder and CEO of ImmunoScape.
The data presented at AACR details the extensive preclinical studies of the company’s proprietary Seed and Boost™ platform. In an animal model, Seed and Boost combination therapy drove significant TCR-T cell expansion and anti-tumor effect at both standard and low cell doses—suggesting the potential to dramatically reduce cell therapy manufacturing cost while simultaneously enhancing anti-tumor effect.
Niron Magnetics Appointed Mike Brommer as Chief Operations Officer to Advance Manufacturing Capacity
Niron Magnetics announced the appointment of Mike Brommer as Chief Operations Officer. Brommer will lead the company’s operational strategy as it accelerates its commercial growth and commissions its first state-of-the-art permanent magnet manufacturing plant in Sartell, Minn., which broke ground in September 2025 and is expected to produce 1,500 tons of Iron Nitride magnets annually.
Brommer is a proven executive with a career spanning advanced manufacturing, energy, and climate technology. Most recently, he served as Chief Operating Officer of SEPAC, Inc., where he led operations and held full P&L responsibility for a portfolio delivering high-reliability motion control solutions to the aerospace, defense, space, and advanced robotics markets.
TD Cowen’s 5th Annual Tools/Dx Revolution Conference 2026– June 22-25, 2026 – Dana Point, CA
Please reach out to info@anzupartners.com if you’re interested in meeting with us at any of these events.
ADDITIONAL PC MEDIA COVERAGE
GelSight’s Modulus device was featured inAeroXplorerduring MRO Americas.
EnCharge AI’s CEO Naveen Verma appeared on the Cognitive Revolution Podcast to discuss its approach for more efficient local inference.
XGS Energy’s Chief Commercial Officer Lucy Darago had an interview with POWER Magazineto discuss the company’s technology and progress.XGS was also included in a Canary Media feature on next generation geothermal.
OTI Lumionics was featured in the University of Toronto Magazine and OTI’s VP of Materials Discovery Dr. Scott Genin appeared on the EP&T Podcast to discuss the company’s recent milestones.
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Anzu Partners is an investment firm that focuses on industrial and life science technology companies with the potential to transform their industries. Anzu works with entrepreneurs to develop and commercialize technological innovations by providing capital alongside deep experience in business development, market positioning, intellectual property, global connectivity, and operations. For more information, please visit https://anzupartners. com/.
The information contained in this newsletter is being provided by Anzu Partners for informational purposes only. The information was obtained from various sources, but Anzu Partners cannot assure its accuracy. This is neither an offer to sell nor a solicitation for an offer to buy an interest in any fund managed by Anzu Partners. Any such offer or solicitation will only be made to qualified potential investors pursuant to a private placement memorandum. Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.
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