Nominal, an Austin-based AI hardware platform startup, raised $240 million in Series C funding at a $3 billion valuation, led by Lightspeed Venture Partners and co-led by Insight Partners. The round triples the company's valuation from $1 billion in March.
The startup builds AI software for engineering and testing complex hardware systems including aircraft, nuclear reactors, and smart factories. Nominal counts 80 commercial and government organizations as customers.
The March Series B extension of $155 million at $1 billion valuation was led by Trae Stephens at Founders Fund and described as a preemptive offer. Other investors include Sequoia, General Catalyst, and Lux Capital.
Nominal's customer base includes Anduril, the defense company co-founded by Stephens. The startup also secured a $71.2 million Strategic Funding Increase investment from the Air Force in October, a program requiring matching funds from outside sources.
CEO and co-founder Cameron McCord previously served as a U.S. Navy submarine officer and worked at Anduril.