Nominal, an Austin-based AI hardware startup, has raised a $240 million Series C that triples its valuation to $3 billion. The round was led by Lightspeed Venture Partners, with Insight Partners as co-lead. The company sells an AI platform for engineering and testing complex hardware.
What is Nominal's new valuation and funding round?
Nominal, a four-year-old startup based in Austin, has raised a $240 million Series C that triples its valuation to $3 billion. The round was announced Monday and was led by Lightspeed Venture Partners, with Insight Partners as co-lead.
The company sells an AI platform built for engineering and testing complex hardware. Its customers work on products such as aircraft, nuclear reactors and smart factories.
The new round follows a $155 million Series B extension that Nominal announced in March. That deal was led by Trae Stephens of Founders Fund and valued the company at $1 billion. It was a “preemptive” deal, meaning the investor initiated the offer rather than the startup. Other investors in Nominal include Sequoia, General Catalyst and Lux Capital.
Who are Nominal's customers?
Nominal says it has 80 commercial and government organizations as customers. One of its key customers is Anduril, the defense company co-founded by Stephens.
The company also won a government contract in October. The U.S. Air Force selected Nominal for a $71.2 million Strategic Funding Increase, known as STRATFI. The program requires matching funds from outside the Air Force.
Who leads Nominal?
Nominal CEO and co-founder Cameron McCord is a former U.S. Navy submarine officer and an Anduril alumnus.
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