Nominal has successfully raised an additional $80 million in a Series B extension, bringing its valuation to $1 billion. This latest funding round, led by Founders Fund, follows a previous $75 million Series B round in September, which was spearheaded by Sequoia.
Founded three and a half years ago in Los Angeles, Nominal specializes in software that aids hardware engineers in testing their designs. The company has achieved significant traction, securing four of the five largest defense contractors as clients over the past ten months. CEO Cameron McCord, a former U.S. Navy submarine officer and ex-employee of defense tech firm Anduril, highlighted the strategic nature of this funding, with Trae Stephens of Founders Fund leading the investment.
In addition to its defense sector focus, Nominal is set to broaden its reach into industrial fields such as automotive and robotics. Notable customers beyond defense include Pratt Miller Motorsports, known for the Corvette Racing Team, and the nuclear energy firm Antares.