Nikola Labs Inc. is now AssetWatch Inc. – leaving behind the startup's wireless power roots and reflecting the rapid sales growth of its sensor system helping manufacturers avoid costly downtime.
More than 140 manufacturers have deployed the AssetWatch proactive maintenance system in facilities across every state in the lower 48, co-founder Will Zell said. The company, which launched the product right before the pandemic, is "on the path to unicorn status," he said.
The Westerville tech company filed its name change with Delaware and Ohio secretaries of state on Monday. It has grown to more than 100 employees across two dozen states in a hybrid office and remote model, Zell said in an interview – doubling in size since summer.
'“The future of proactive maintenance is now," CEO Brian Graham said in a news release. "The new company name is rooted in our commitment to go above and beyond for all customers in their pursuit of proactive maintenance and give them the tools, recommendations, and follow through needed for success."
The change also reflects a full pivot away from Nikola's roots as an Ohio State University spinoff that licensed technology for wireless power in 2014. Although technically feasible, federal regulatory hurdles prevented AssetWatch from incorporating the power aspect in its sensors, which instead use long-lived batteries.
Clients span various industries such as chemicals, metals, plastics, packaging and energy. The common thread is equipment with gears and other moving parts: The company's sensors detect vibration and overheating that signal a problem well before it leads to a breakdown, coupled with software and customer service that alert clients and suggest steps such as tightening bolts.
"It's such a massive problem to be solved," Zell said in an interview. "Our vision as a company has congealed around developing the first and best proactive maintenance platform."
AssetWatch (as Nikola) raised its first institutional round last year, $29 million, which brought total investment since inception to $50 million. Revenue is not disclosed, but it landed on last year's Inc. 5000 list for fastest-growing companies.
Worthington Industries Inc. in Columbus was one of the first customers when the system rolled out in 2018, providing feedback that helped refine the product – which launched more broadly in 2019. Worthington since has expanded the system to multiple facilities.
On average, clients save $8 for every dollar they spend on AssetWatch, according to its website.
Before landing on proactive equipment maintenance based on customer demand, the former Nikola Labs was developing OSU-invented technology that converts radiofrequency to direct current energy so devices can be wirelessly charged. It explored internet-of-things applications ranging from hearing aids to monitoring energy usage.
