All the sessions from Transform 2021 are available on-demand now. Watch now.
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, which is led by AOL cofounder Steve Case.
Cofounded in 2014 by Groupon cofounder Brad Keywell, 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 their 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 — declining to share the average contract size for an Uptake customer — but it has been on a fundraising tear, having raised $90 million in a series C round earlier this year. News about the company’s series D round comes just a few weeks after an announcement that Caterpillar, an early investor in Uptake, is pulling its stake in the company, though it plans to remain a customer.
“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, who is Uptake’s CEO, said in a statement emailed to VentureBeat.
According to the press release, the new round of financing will “enable Uptake to accelerate its global expansion in key industries.”
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more