This study introduces a flexible and low-cost solution for a source measure unit (SMU), which is presented as an alternative to conventional source meter units and a blueprint for sensor FET drivers. An SMU collects current–voltage (I-V) curves with an additional variable voltage or current and is commonly used to characterize semiconductors. We present the hardware design, interfacing, and test results of our SMU. Specifically, we present representative I-V curve measurements for graphene-channel FETs to demonstrate the SMU’s capability to efficiently characterize these devices with minimal noise and sufficient accuracy. This cost-effective solution presents a promising avenue for researchers and developers seeking reliable tools for sensor development and characterization. We demonstrate, with the example of surface illumination, how the sensing behavior of graphene-channel FETs can be characterized without the need for expensive equipment. Additionally, the SMU was validated with known passive and active components, along with probe station integration for semiconductor die-scale connection. The SMU’s focus on collecting I-V curves, coupled with its ability to identify device defects, such as parasitic Schottky junctions or a failed oxide, contributes to its utility in quality testing for semiconductor devices. Its low-cost nature makes it accessible for various research endeavors, enabling efficient data collection and analysis for graphene-based and other nanomaterial-based sensor applications.