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Nikola Labs Raises Additional Growth Capital to Transform Maintenance in Manufacturing through $29 Million Series A Preferred Round
Tuesday, July 5, 2022
Round Brings Nikola Labs' Total Funding to $50 Million to Date
COLUMBUS, Ohio, June 27, 2022 /PRNewswire-PRWeb/ -- Nikola Labs announced today that it has received an additional $9 million in Series A Preferred funding, including participation from Standard Investments. The additional capital closes out the Series A Preferred round, giving Nikola Labs over $29 million in fresh capital to pursue growth and raising its total funding to date to $50 million.
"Our team is passionately focused on helping industrial organizations achieve a proactive maintenance culture through AssetWatch, our enterprise proactive maintenance platform." said Brian Graham, CEO of Nikola Labs. "With the investment from Standard Investments and our other tremendous partners, we now have additional runway to scale our business to deliver greater value to both current and new customers."
Standard Investments was joined in the funding round by Osage University Partners (OUP) and a follow-on investment from JobsOhio Growth Capital Fund.
"We were incredibly impressed with Brian Graham, Will Zell, and the entire Nikola team," said Manny Stockman, Partner at OUP. "They are all passionate entrepreneurs with a relentless focus on working with their customers to deliver true ROI. In the years since spinning out of The Ohio State University, Nikola Labs has proven what we love to see in a university spinout: core innovation that initiates customer conversations to shape the right product for rapid adoption. Nikola's vibration sensors are deployed across North America and UK, and their rate of growth is not only stellar in their sector, but across all startup sectors."
JobsOhio President and CEO, J.P. Nauseef, added "The Growth Capital Fund was established to keep Ohio's emerging tech companies growing at home. Ohio-founded Nikola Labs is expanding significantly, and we look forward to partnering with them as they innovate ways to drive profitability and efficiencies for manufacturers here and across the world." He also noted that from 2020 to 2021, venture capital investment in Ohio more than doubled to $2.4 billion, improving Ohio's rank to 15th from 19th among U.S. states.
Nikola Labs currently serves over 100 manufacturing organizations and delivers tens of millions in savings annually to customers by eliminating costly unplanned downtime events.
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About Nikola Labs, Inc.
Nikola Labs simplifies predictive maintenance and eliminates unplanned downtime for global manufacturers. A leader in sensor-based reliability solutions, its rapidly deployable, full-service, remote monitoring solution monitors the health of critical manufacturing equipment through a network of wireless vibration sensors while machine learning and certified vibration experts analyze the data and create prescriptive and predictive maintenance alerts so machines can be repaired before failure. A spinout of The Ohio State University, Nikola Labs was founded in 2014 and was the first company launched by the Ikove Startup Nursery. To learn more, visit http://www.nikola.tech
About Standard Investments
Standard Investments is a fundamentally driven investment platform focused on the intersection of industry and technology. Standard Investments deploys capital flexibly and creatively across the public and private markets, spanning the life cycle of a company, and leverages its deep industrial knowledge and operational experience to create value. To learn more, visit http://www.standardinvestments.com.
About OUP
OUP (Osage University Partners) is a venture capital firm focused on investing in startups that are commercializing pioneering university technologies. OUP partners with top research universities to invest in their most innovative startups, and OUP shares its investment profit with its partner institutions. The firm invests in software, hardware, climate tech, and life science companies at all stages of company development. Since 2009, OUP has partnered with over 100 universities, including 27 of the top 30 U.S. institutions by research expenditures, and has invested in over 125 of their spinouts. For more information, visit oup.vc.
About JobsOhio
JobsOhio is a private nonprofit economic development corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention, and expansion. The organization also works to seed talent production in its targeted industries and attract talent to Ohio through Find Your Ohio. JobsOhio works with six regional partners across Ohio: Dayton Development Coalition, Ohio Southeast Economic Development, One Columbus, REDI Cincinnati, Regional Growth Partnership, and Team NEO.To learn more, visit http://www.jobsohio.com
Contact:
John Schoger
jschoger@nikola.tech
SOURCE Nikola Labs
Media Contact
John Schoger, Nikola Labs, Inc., 1 844.464.5652 Ext: 5, jschoger@nikola.tech
Twitter, LinkedIn
SOURCE Nikola Labs, Inc.
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