On Thursday, Nominal announced a new $80 million Series B extension funding round at a $1 billion valuation. The round was led by Founders Fund.
This investment follows the company’s $75 million Series B round, led by Sequoia, which closed last September. Nominal provides software that assists hardware engineers in testing their designs. The company began as a picks-and-shovels startup serving the defense industry.
The three-and-a-half-year-old, Los Angeles-based company reports that within the last ten months, it has secured four of the five largest defense contractors as customers.
CEO and co-founder Cameron McCord is a former U.S. Navy submarine officer and previously worked at Anduril. Anduril, a defense technology company, is itself one of Nominal’s marquee customers. Anduril co-founder and executive chairman Trae Stephens, who is also a partner at Founders Fund, led this latest investment as a preemptive deal.
Additional participants in the round included Sequoia, General Catalyst, Lux Capital, Red Glass, and Lightspeed.
Looking ahead, Nominal plans to expand its reach beyond defense technology and into broader industrial sectors such as automotive, robotics, and other similar industries.