The key facts

  • Nominal announced a $240 million Series C round at a $3 billion valuation, led by Lightspeed and Insight Partners
  • In March, the company raised $155 million at a $1 billion valuation — its valuation has tripled in eight months
  • Nominal has 80 commercial and government customers, including Anduril; the U.S. Air Force awarded it $71.2 million under STRATFI

Series C round and valuation growth

Nominal, an Austin-based startup roughly four years old that is developing an AI platform for designing and testing complex hardware — from aircraft and nuclear reactors to smart factories — has raised $240 million in a Series C round at a $3 billion valuation. The round was led by Lightspeed Venture Partners, with Insight Partners as co-lead. The company itself announced this, and the round's details were described by TechCrunch.

Dynamics over eight months

The new round sharply accelerates the company's valuation growth: in March, Nominal announced it had raised $155 million in the form of a Series B extension at a $1 billion valuation led by Trae Stephens of Founders Fund. That deal was preemptive — the initiative came from the investor rather than the startup. Thus, over eight months, the valuation has tripled. The company's other investors include Sequoia, General Catalyst, and Lux Capital.

Customers and government contract

According to the company, its customers include 80 commercial and government organizations. One of its key clients is the defense company Anduril, co-founded by Stephens. In addition, in October the U.S. Air Force selected Nominal for an investment of $71.2 million under the Strategic Funding Increase (STRATFI)program, which involves attracting matching funding from sources outside the Air Force.

Founders

Nominal's CEO and co-founder Cameron McCord is a former U.S. Navy submarine officer and an Anduril alumnus.