Defense software startup Nominal tripled its valuation to $3 billion
Lightspeed and Insight led the $240 million round, and the company said its revenue more than tripled this year
Nominal Inc., a software startup focusing on improving manufacturing efficiency, has seen its valuation soar to $3 billion in a recent funding round, tripling its previous worth, according to Bloomberg. Lightspeed Venture Partners and Insight Partners were the lead investors in the $240 million financing deal, joined by Lux Capital, Sequoia Capital, and Lockheed Martin Ventures.
The software platform created by Nominal aids hardware companies in testing designs and tracking progress, targeting sectors like defense, space, energy, and automotive. Co-founder and CEO Cameron McCord highlights that Nominal's technology leverages decades of hard-earned data within these industries to enable engineers to tackle more complex challenges.
The company's revenue has surged more than threefold this year, driven by increased defense technology spending. Over 80 commercial and government entities utilize Nominal's software, including five of the seven largest defense contractors. With the new capital infusion, Nominal plans to bolster product development, expand into new regions and industries, and explore potential acquisitions, following its recent acquisition of two startups.
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