Nikola Labs announced today that it closed $20 million in financing to support growing customer demand and accelerate platform development. Led by G2 Venture Partners and joined by Triangle Peak Partners, the Series A Preferred financing is Nikola Labs’ first institution-led growth round and brings total funding to $41 million to date.
“Our AssetWatch™ proactive maintenance platform is preventing unplanned downtime and saving tens of millions of dollars annually for our 100+ global manufacturing customers,” said Brian Graham, CEO of Nikola Labs. “We are grateful for the investment and support from G2 and other partners that will allow us to meet the increased demand we are seeing from current and new customers, while enabling Nikola Labs to accelerate development of our IoT platform and machine learning capabilities.”
AssetWatch™ combines rapidly deployable proprietary sensor systems, third-party data inputs, machine learning and prescriptive insights from a staff of expert condition monitoring engineers to predict upcoming machine faults, allowing customers to repair critical assets before costly failures. With growth exceeding 400% in 2021 and serving customers in the US, Canada, and UK, the company plans to announce new markets and additional capabilities in 2022 to support the entire proactive maintenance ecosystem.
“Nikola Labs has seen spectacular customer and revenue growth and we have been impressed by their ability to deliver immediate ROI for world-class manufacturers,” said David Mount, Partner at G2 Venture Partners. “At G2VP, we look for companies using technology to drive sustainable transformation in traditional industries, and Nikola Labs’ end-to-end solution is leading the cultural transformation of maintenance teams from a reactive to a proactive culture across multiple industries.”
“We exist to help our customers transform their maintenance organization from a reactive to proactive culture,” said Will Zell, Co-Founder and Executive Chairman of Nikola Labs. “Proactive maintenance creates more production capacity, eliminates expensive downtime events and drives efficiency through a manufacturing process. With our track record and new investment partners we are doubling down on our vision to become the leading proactive maintenance platform for global manufacturers.”
About G2 Venture Partners
G2 Venture Partners is a venture and growth firm focused on emerging technologies driving sustainable transformation across traditional industries. We support entrepreneurs who are unlocking new paths to environmentally and socially responsible economic growth. http://www.g2vp.com
About Nikola Labs, Inc.
Nikola Labs simplifies proactive 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 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.