Nikola Labs, a Columbus, OH-based provider of sensor-based reliability solutions that monitor the health of critical manufacturing equipment, raised an additional $9m in Series A funding.
The investment was made by Standard Investments, which was joined in the round by Osage University Partners (OUP) and JobsOhio Growth Capital Fund. This additional capital closed out the Series A Preferred round, giving Nikola Labs over $29m, and raising its total funding to date to $50m.
The company intends to use the funds to scale the business.
A spinout of The Ohio State University led by Brian Graham, CEO, Nikola Labs simplifies predictive maintenance and eliminates unplanned downtime for global manufacturers. Its 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.
The company’s vibration sensors are deployed across North America and UK. Nikola Labs currently serves over 100 manufacturing organizations and delivers tens of millions in savings annually to customers by eliminating costly unplanned downtime events.
FinSMEs
28/06/2022