AssetWatch raises $38 million for AI-powered monitoring for manufacturers
Image: AssetWatch
Westerville-based AssetWatch, a provider of AI-powered monitoring solutions to help manufacturers avoid downtime, has raised a $38 million Series B round to accelerate product innovation and scale-up of the business.
The round was led by Wellington Management with participation from Series A investors including G2 Venture Partners, Triangle Peak Partners, Standard Investments, Osage University Partners, and JobsOhio Growth Capital Fund.
AssetWatch offers its Trial Vero solution - a rapidly deployable, end-to-end condition-monitoring solution - risk-free for 30 days for $199 on up to 50 machine assets (200 sensors). The company installs the solution and has experts monitoring machine health the same day.
What it Means to Ohio
AssetWatch was founded in 2014 as a wireless power company called Nikola Labs. Using core technology from The Ohio State University, the company launched through Ikove Capital’s Startup Nursery.
In 2017, Nikola Labs used its expertise in ultra-low power electronic design to become a leader in sensor-based condition monitoring. In 2023, the company rebranded as AssetWatch.
AssetWatch, employing nearly 200 people in North America, has been named a Top Workplace by Columbus CEO and made the Inc 5000 list.
What They’re Saying
"The Series B investment is a testament to the significant potential of predictive maintenance and our vision at AssetWatch. With the support of our incredible investors, we're poised to further accelerate our mission to transform the maintenance and reliability landscape across industries worldwide."
- Brian Graham, CEO of AssetWatch
“AssetWatch is at the very beginning of leading a transformation in industrial and manufacturing maintenance culture that will lead to eliminating unplanned downtime, increasing productivity and empowering maintenance teams daily to do their very best work. I, along with our almost 200 team members across North America, are grateful for the opportunity to serve our customers and deliver meaningful impact. As I like to say (borrowed from Amazon), today is Day 1 of our journey to create a category defining platform. We cannot achieve this vision without capital partners, and I am eternally grateful for new and existing investors who participated in this round.”
- Will Zell, Executive Chairman and Co-founder of AssetWatch
“We are impressed by AssetWatch’s unique technology, strong team, and proven impact on manufacturing productivity. They are uniquely positioned to lead the predictive maintenance revolution, and we’re looking forward to the company’s next phase of growth.”
- Sean Petersen, sector lead for private climate investing, Wellington Management
