Nominal Raised $240 Million at $3 Billion Valuation

By Rebecca Stone

Nominal raised $240 million at a $3 billion valuation in a round led by Lightspeed Venture Partners and Insight Partners. Lux Capital, Sequoia Capital and Lockheed Martin Ventures also invested, according to Bloomberg’s Monday report.

The Los Angeles startup makes software that hardware companies use to test designs and track development programs. It disclosed no revenue figure, pricing or customer contract values, leaving the new valuation without a public sales benchmark.

What is driving Nominal’s growth?

Nominal says revenue has more than tripled so far this year, and it attributes the increase to a boom in defense-technology spending. That claim marks the strongest evidence of momentum, but not a disclosed sales figure.

More than 80 commercial and government organizations use the software, according to Nominal. Five of the seven largest defense contractors are among them. In March, the company counted four of the five largest U.S. defense contractors.

The defense weighting is clear. Named customers included Anduril, Pratt Miller Motorsports, which supports the Corvette Racing team, and nuclear company Antares. Nominal’s account therefore places defense at the center of growth, consistent with its explanation that increased defense spending has driven its results.

“The companies building the world’s most advanced machines have decades of hard-won knowledge in their data,” co-founder and Chief Executive Cameron McCord said. McCord is a former U.S. Navy submarine officer who worked at Anduril before starting the Los Angeles company.

How did the valuation triple?

The $3 billion valuation is roughly triple the $1 billion Nominal reached in March. Founders Fund led that earlier $80 million Series B extension. It followed a $75 million Series B led by Sequoia in September 2025, bringing Nominal’s funding to about $155 million in roughly 10 months at the time.

The latest financing adds $240 million in new capital under a valuation three times the March level. Lightspeed and Insight Partners led the round, with Lux, Sequoia and Lockheed Martin Ventures participating. In disclosed terms, the capital amount and valuation are concrete; the revenue increase and customer penetration remain company claims.

This financing also expands the investor set around a company already embedded in defense. Lockheed Martin Ventures, the venture arm of Lockheed Martin, joined Sequoia and the other investors in the round. Its presence gives the financing a direct defense-industry link, but neither the size of its investment nor any related commercial agreement was disclosed.

What will $240 million fund?

Nominal plans to spend the money on product development and expansion into new regions and industries. It is weighing acquisitions after buying two startups earlier this year. The company also has been pushing beyond defense into space, energy and automotive customers.

Those moves would test whether Nominal can widen its market without depending too heavily on defense spending. The two acquired startups, their prices and the products they add were not identified. Revenue, pricing and margin figures for Nominal’s software also remain undisclosed, so the commercial scale of its customer relationships is unclear.

That leaves the financing evidence in two columns. The round supplied $240 million at a $3 billion valuation, roughly three times March’s $1 billion mark. The operating evidence consists of more than 80 customer organizations, five of the seven largest defense contractors and a company-claimed revenue increase of more than three times year to date.

The near-term test is whether Nominal can turn its defense foothold into space, energy and automotive deployments while building on two startup acquisitions. The company has disclosed neither revenue nor margins, so customer conversion and pricing remain the next tests of the $3 billion valuation.

Until then, the new money funds product development and geographic expansion.