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Nominal raises $240 million Series C at a $3 billion valuation
TechCrunch reported Monday that Austin-based Nominal, which sells AI software for engineering and testing complex hardware, raised a $240 million Series C that values the company at $3 billion.
Nominal, a four-year-old Austin company that sells an AI platform for engineering and testing complex hardware, announced a $240 million Series C on Monday at a $3 billion valuation, TechCrunch reported1.
Lightspeed Venture Partners led the round, and Insight Partners co-led it, according to TechCrunch, which said the company also counts Sequoia, General Catalyst and Lux Capital among its investors1.
The new valuation triples the $1 billion mark Nominal reached in March, when it announced a $155 million Series B extension led by Trae Stephens of Founders Fund, TechCrunch said1.
Nominal's software is aimed at teams working on hardware such as aircraft, nuclear reactors and smart factories, the report said1.
The company says it has 80 commercial and government customers, including Anduril, the defense contractor co-founded by Stephens, TechCrunch reported1.
In October, the Air Force selected Nominal for a $71.2 million Strategic Funding Increase, or STRATFI, award, a program that requires matching funds from outside the service, according to TechCrunch1.
Chief executive and co-founder Cameron McCord is a former U.S. Navy submarine officer and a former Anduril employee, the report said1.
How Nominal will use the new capital, and whether other terms of the Series C were disclosed, were not stated in the TechCrunch account reviewed1.
