raises legitimate Uptake raises $117 million to spot inefficiencies in industrial machinery

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.

raises legitimate Uptake raises $117 million to spot inefficiencies in industrial machinery
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Science & Technology	Upload TimePublished on 30 Nov 2017

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