Nominal’s AI hardware startup triples valuation to $3B in 8 months, TechCrunch reports
A new funding round
Nominal announced the $240 million Series C on Monday. Lightspeed Venture Partners led the round, with Insight Partners as co-lead, at a $3 billion valuation. The company’s valuation was $1 billion after a $155 million Series B extension announced in March. That financing was led by Trae Stephens at Founders Fund and described as a “preemptive” deal, meaning the investor initiated the offer.
Software for complex hardware
The four-year-old, Austin-based startup offers an AI platform designed for engineering and testing complex hardware. Examples include aircraft, nuclear reactors and smart factories. Nominal says it serves 80 commercial and government organizations. Anduril, the defense company co-founded by Stephens, is among its key customers.
Air Force investment
In October, the Air Force selected Nominal for a $71.2 million Strategic Funding Increase, or STRATFI, investment. The program requires matching funds from outside the Air Force. Nominal’s CEO and co-founder, Cameron McCord, previously served as a U.S. Navy submarine officer and worked at Anduril. Other investors in Nominal include Sequoia, General Catalyst and Lux Capital.
Key points
- Nominal raised $240 million in a Series C at a $3 billion valuation.
- Lightspeed Venture Partners led the round, with Insight Partners as co-lead.
- The startup says 80 commercial and government organizations use its platform.
- The Air Force selected Nominal for a $71.2 million STRATFI investment.