Nominal raises $240 million
Nominal, an Austin-based startup that offers an AI platform purpose-built for engineering and testing complex hardware such as aircraft, nuclear reactors, and smart factories, has raised a $240 million Series C round. Nominal said the round values the company at $3 billion and was led by Lightspeed Venture Partners, with Insight Partners as co-lead.
The company previously announced a $155 million Series B extension in March at a $1 billion valuation, led by Trae Stephens at Founders Fund. That round was a preemptive deal, meaning the offer was initiated by the investor rather than the startup. Other investors in the company include Sequoia, General Catalyst, and Lux Capital.
The four-year-old startup says it has 80 commercial and government organization customers. One of its key customers is Anduril, the defense company co-founded by Stephens. Nominal also won a government contract in October when the Air Force selected it for a $71.2 million Strategic Funding Increase (STRATFI) investment, a program that requires matching funds from outside the Air Force.
Nominal CEO and co-founder Cameron McCord is a former U.S. Navy submarine officer and an Anduril alum.
