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A startup that builds other startups raised $100M, and is all-in on physical AI

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Four years ago, a startup lab launched that wasn’t quite an incubator, accelerator program, or venture firm. UP.Labs, as it was called then, built startups designed to solve problems for corporate customers such as Alaska Airlines and Porsche, as well as for the outside world.

The firm still has the same mission — albeit with a critical addition to its approach, a new name, and a $100 million investment from Silversmith Capital Partners. Vantora, as the firm is now called, continues to work with its corporate customers, including some new ones in industrial manufacturing that it declined to name, and in the oil and gas sector.

But now, it’s more focused on building startups solely for its corporate customers, and not for the broader market.

Founder and CEO John Kuolt told TechCrunch that Vantora is moving toward a “proprietary M&A pipeline.” This means Vantora will still build startups for its corporate partners, which invest in the ventures and serve as their first customers. But those corporate partners now have the option to fold the startups into their core businesses — and essentially keep them to themselves.

That shift has influenced Vantora’s increased focus on physical AI startups, according to Kuolt.

In the past, Vantora would end up spiking ideas that were strategic to its corporate partners, but too sensitive to bring to the outside world.

“We were missing on the biggest value problems, which had the biggest upside because of that,” Kuolt said in a recent interview. “Imagine you’re a Fortune 100 industrial company and you need to retrofit all of your hardware and machines for autonomy. You need to own that, it needs to be sovereign, and you can’t rely on a third party to go do that for you. You need to own that intelligence layer. They’re never going to let us go sell that to their competitors.”

This change has allowed Vantora to “unlock big physical AI use cases,” according to Kuolt, including with its existing customers.

For example, the firm came up with an idea to use AI to advance the business of its partner J.B. Hunt. “They said there is no way you can take this out to the world, and so we passed on it,” he said, adding that this proprietary model now allows Vantora to pursue it.

The firm launched in 2022 with Porsche as its first corporate partner. Since then, Vantora has launched several startups for Porsche and struck deals with Alaska Airlines, J.B. Hunt, Wabash, and TDG, the parent of Ashley Furniture.

In its early days, UP.Labs was tied — although never financially — to venture firm Up.Partners. While Vantora still shares office space with the California-based VC, it is its own entity, Kuolt explained, noting that the $100 million from Silversmith is the company’s first outside investment.

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EFCC Hands Over Recovered N140m to Loan Firm in Lagos

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September 18, 2026

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The Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 2, Okotie-Eboh, Ikoyi, Lagos, have handed over the sum of N140million to an investment and money-lending company, B4 Sail Limited.

The recovery of the funds, handed over in bank drafts by the Acting Zonal Director, Lagos Zonal Directorate 2, Assistant Commander of the EFCC, ACE I Bawa Usman Kaltungo, followed investigations into an alleged case of obtaining money by false pretence and diversion of funds involving one Jacob Oyebola Esan and companies linked to him.

In a petition submitted on April 20, 2026, B4 Sail Limited alleged that Esan, on behalf of his company, Geo Fields Plc, had approached the company in August 2025 for a N500 Million Naira loan facility to boost his business.

The loan facility, according to the petitioner, attracted an interest rate of 15 per cent per month and had a tenor of one month.
Investigation revealed that Esan, who is the first suspect, had previously obtained other loan facilities from the company, bringing his total loan exposure to N1,065,000,000.00 (One Billion, Sixty-Five Million Naira).
It was also revealed that Esan pledged shares held by him as collateral for the facilities through Calyx Securities Limited, the clearing house for the stocks, with the understanding that the shares would be subject to a lien in favour of B4 Sail Limited and that the company would have the first right of payment upon the sale of the shares.

The lien, investigation revealed, was communicated to B4 Sail Limited through a letter signed by the second suspect, Gbolahan Azeez Bello, Managing Director, Calyx Securities Limited.

Further investigation, however, revealed that the shares pledged as collateral had been sold without the knowledge of the petitioner, resulting in the suspect’s alleged default in repaying the facilities.
Consequently, the outstanding loan and accrued interest had risen to N2,250,500,000.00 (Two Billion, Two Hundred and Fifty Million, Five Hundred Thousand Naira).

Speaking during the handover ceremony, Kaltungo stated that the recovery “represents a further step in the Commission’s efforts to ensure that funds and assets recovered in the course of its investigations are appropriately returned to legitimate owners and victims in accordance with due process.

The post EFCC Hands Over Recovered N140m to Loan Firm in Lagos appeared first on Business Today NG.

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Appeal Court upholds NDC registration, overturns Lokoja ruling

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September 18, 2026

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The Nigeria Democratic Congress, NDC, has announced that it will participate in the 2027 general elections following a Court of Appeal judgment setting aside a Federal High Court ruling that ordered its deregistration.

The party’s National Leader, Henry Seriake Dickson, disclosed this in a statement reacting to the appellate court’s decision in Abuja.

Dickson said the Court of Appeal set aside the judgment delivered by Justice Isah Dashen of the Federal High Court in Lokoja a few months ago.

The statement reads in full:

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“Today, the Court of Appeal, sitting in Abuja, has set aside the judgment of the Federal High Court, Lokoja, delivered by Justice Isah Dashen a few months ago, which purported to order the deregistration of our party, the Nigeria Democratic Congress (NDC).

“In a judgment delivered by the presiding Justice, Mohammed Danjuma, and read by Justice Hassan, the Court ruled in favour of allowing our appeal, which challenged the faulty ruling of the Federal High Court, Lokoja, and accordingly, set aside Justice Dashen’s judgment.

“We want to use this opportunity once again to commend the Nigerian judiciary, and in particular, Hon. Justice Danjuma and Hon. Justice Hassan, for upholding the integrity of the Nigerian judiciary and, by their decisions, expanding the sphere of multiparty democratic participation in Nigeria.

“We have said repeatedly that the NDC was set up to expand the frontier of multiparty democracy in Nigeria. Justice Dashen’s judgment a few months ago was an unexpected assault on our constitutional right to participate and an attempt to narrow the democratic space.

“Happily, Today, by the decision of the Court of Appeal, the Nigerian democratic space has been protected, and the NDC’s right to participate in all political activities as a registered political party has been upheld.

“I congratulate all members and candidates of our great party, the NDC, and thank Nigerians for their prayers and support.

“When the unexpected judgment of the Lokoja Federal High Court was delivered, we were bombarded with several calls for sympathy, support and prayers. Today, our collective prayers have been answered.

“The NDC continues to exist. Our registration remains valid and subsisting, and we and all our candidates will participate in all elections in 2027 and beyond, by the grace of God.

“Everyone should now focus on the campaigns, prepare for the elections, and focus on the task ahead to face the APC and defeat them at the polls.

“A resort to arm-twisting, inducing or intimidating the judiciary will not work. We remain confident in the strength of our message, the commitment of our members, the viability of our candidates, and the support of Nigerians.

“With this conviction, we look forward to the forthcoming elections and are confident that the NDC will emerge victorious at the polls, by the grace of God.

“The fight for Nigeria’s multiparty democracy continues and, by the grace of God, we will emerge victorious.”

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