Nominal, which builds software to make hardware manufacturing more efficient, raised $240M at a $3B valuation, up from $1B after raising $80M in March (Paayal Zaveri/Bloomberg)

Nominal Inc., a startup that develops software to improve hardware manufacturing efficiency, has raised $240 million in funding. According to Bloomberg, the company reached a $3 billion valuation, which is an increase from its $1 billion valuation following an $80 million raise in March. Investing.com reports that the financing deal was led by Lightspeed Venture Partners and Insight Partners, with participation from Lux Capital, Sequoia Capital, and Lockheed Martin Ventures.

The company's software platform assists hardware firms in testing designs and monitoring progress, targeting the automotive, energy, space, and defense industries. Nominal reported that its revenue has more than tripled this year, supported by increased spending on defense technology. The company currently serves over 80 commercial and government organizations, including five of the seven largest defense contractors.

Nominal's co-founder and CEO, Cameron McCord, stated the platform is designed to help engineers utilize existing data to solve complex problems. The company intends to use the new capital for product development and to expand into new industries and regions.

Brief written by urgent.news from Techmeme, Investing.com — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.