Nominal raises US$240 million as valuation reaches US$3 billion

Hardware engineering software company Nominal announced a US$240 million Series C financing led by Lightspeed Venture Partners, with Insight Partners as co-lead. The deal values the company at US$3 billion, triple the valuation attached to its March funding round.

In March, Founders Fund led an US$80 million investment at a US$1 billion valuation. Nominal told Bloomberg that its year-to-date revenue had more than tripled. Participants in the latest financing included Sequoia, Lux Capital, General Catalyst, Founders Fund, Salesforce Ventures and Lockheed Martin Ventures.

Nominal says its customers include more than 80 organizations across government and commercial sectors, among them five of the seven largest defense contractors. Its platform combines hardware test results with information about configurations and previous experiments. Its first AI agent, Nominal Analyst, analyzes that material and links its findings to supporting evidence.

The company says more than 300 engineers at Anduril Industries use its software, with analysis previously requiring five to six hours now performed in near real time. It also cited HII, where some analysis work fell from hours to minutes and certain production testing steps were shortened by about half.

The new financing will support agents and applications for tasks including requirements checks, planning, scheduling and fleet health. Nominal also plans to enter additional industries and regions, partly through acquisitions.

Nominal acquired Fid Labs, whose team is developing its agents, and Pull Systems, which extends its platform into the automotive industry. The Pull Systems acquisition was announced on 6 November. Founded in 2022, Nominal is headquartered in Austin.