Uptake raises $117 million to spot inefficiencies in industrial machinery | Spanlish


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Thursday, November 30, 2017

Uptake raises $117 million to spot inefficiencies in industrial machinery

Uptake, a predictive analytics software provider based in Chicago, announced today that it has raised a $117 million Series D round. The round was led by Baillie Gifford, a U.K.-based venture capital firm, with participation from Revolution Growth, a venture capital led by AOL co-founder Steve Case.

Cofounded in 2014 by Brad Keywell, a cofounder of Groupon, Uptake reportedly reached a valuation of  $2 billion earlier this year. The company’s software helps its enterprise customers collect and analyze sensor data on industrial machinery and equipment in a variety of industries, including agriculture, aviation, and energy. Uptake’s pitch is that its software can then help customers figure out how to run its machines more efficiently.

In a case study listed on Uptake’s website, the company claims that it helped a subsidiary of Berkshire Hathaway Energy save $250,000 in one week after it “detected a wind turbine equipment problem and recommended action in the first week of deployment. Other customers include Caterpillar, an Illinois-based manufacturer of farm equipment, and Panduit, a manufacturer of communications, IT, and other physical infrastructure equipment.

Uptake is tight-lipped about its operations — the company declined to say what the average contract size is for an Uptake customer — but it has been on a fundraising tear. The company raised a $90 million in a series C round earlier this year. The news about the company’s series D round comes just a few weeks after Caterpillar, an early investor in Uptake, would be pulling its stake in the company, though would remain a customer of Uptake’s.

“We both agreed it was important for Uptake to be independent of any equipment manufacturer, so as a result we bought back the Uptake shares that were held by Caterpillar. They continue to be an important customer and utilize our products on a global basis,” Keywell, also Uptake’s CEO, said in an emailed statement to VentureBeat.

According to the press release, the new round of financing will  “enable Uptake to accelerate its global expansion in key industries.”

Source: Uptake raises $117 million to spot inefficiencies in industrial machinery

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