Nominal on Thursday announced a fresh $80M Series B extension round at a $1 billion valuation, led by Founders Fund. This followed the company’s $75M Series B round led by Sequoia in September.
Nominal offers software that helps hardware engineers test their designs and began as a picks-and-shovels type of startup for the defense industry. The three-and-a-half-year-old, L.A.-based company says that in the last 10 months, it has landed four of the five largest defense contractors as customers.
CEO and co-founder Cameron McCord (pictured) is a former U.S. Navy submarine officer and Anduril alum, the defense tech company, which is also one of Nominal’s marquee customers. So perhaps it’s no surprise that Anduril co-founder and executive chairman Trae Stephens, who is also a Founders Fund partner, led this as a preemptive deal, McCord told Bloomberg. Sequoia, General Catalyst, Lux Capital, Red Glass, and Lightspeed also participated.
Next up, Nominal plans to expand beyond defense tech and into industrial sectors like automotive, robotics, and other industries.