Nikola Labs raises additional growth capital
11/10/2022
Nikola Labs has announced that it has received an additional US$9 million (approximately £8.4 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 US$29 million (approximately £27 million) in fresh capital to pursue growth and raising its total funding to date to US$50 million (approximately £46 million).
“Our team is passionately focused on helping industrial organisations 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 return on investment (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 the UK and their rate of growth is not only stellar in their sector, but across all start-up sectors.”
J P Nauseef, JobsOhio President and CEO, 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 US$2.4 billion (approximately £2.2 billion), improving Ohio’s rank to 15th from 19th in the USA.
Nikola Labs currently serves over 100 manufacturing organisations and delivers tens of millions in savings annually to customers by eliminating costly unplanned downtime events.
