P-1 AI Raises $50M Series A for AI Engineer Archie

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P-1 AI, an engineering software company based in Henderson, Nevada, has closed a $50 million Series A round led by New Enterprise Associates. The financing was announced on July 29, 2026.

The raise follows a $23 million seed round that Radical Ventures led in 2025. P-1 AI is building what it calls an AI engineer for the physical world, with the goal of placing one on every engineering team at every industrial company. Its product, Archie, is designed for hardware engineering work spanning mechanical, electrical, thermal, fluids and systems design.

The company points to customers across data center, automotive, and aerospace and defense sectors. It plans to use the new capital to grow its product and deployment teams and to add compute capacity for training its custom models.

P-1 AI also expanded its board. Former General Electric chairman and chief executive Jeff Immelt joined as a director, while NEA partner Lila Tretikov, previously deputy chief technology officer at Microsoft, came on as a board observer.