Uptake Technologies, a SaaS startup based out Chicago, Illinois, has just announced the raising of its series D funding. The company raised a sum of 117 million USD from a bunch of venture capitalists at a post money market valuation of 2.3 billion USD.
This fresh round of firepower brings the total amount raised since inception to a cool 250 million USD. This latest round of financing was led by asset management firm Baillie Gifford and also saw participation from existing investors - Revolution Growth and GreatPoint Ventures.
Uptake Technologies has operations primarily in the software analytics space utilizing the SaaS (software as a service) platform to run machine learning algorithms to read and understand how machines are working, and also anticipate when they may break down or need other attention.
The firm is capitalizing on the existing opportunities to provide its services on predictive analytics to the industrial world. This is its mantra regardless of the customer having moved to the often expensive internet-of-things “smart” systems.
The firm was started in Chicago, IL by Brad Keywell and Eric Lefkofsky, who were also co-founders at Groupon Inc. At Groupon, both Brad and Eric held various executive roles, including that of Chief Executive Officer.
Through their new venture Uptake, the two co-founders are capitalizing on two primary factors in the industrial market, i.e., most industrial companies do have some kind of sensors on their equipment today, but most of the time they are completely unused. Secondly, these same companies are losing millions and in some cases even billions of dollars because of ageing and faulty equipment that they are not able to monitor and service correctly.
The Chicago based firm has already managed to add quite a few feathers to its already burgeoning hat. The firm has its business operations spread across six out of the seven continents in the world. The company has also managed to turn itself cash flow positive. The company has on ranks the likes of industry bigwigs such as Berkshire Hathaway Energy, Caterpillar Inc and Panduit.
The advancements that have been made in the smart machines technology space are certainly laudable. Technology in this space has already scaled heights that make it possible to monitor, identify and let the machines fix their problems, and in some cases, even the other machine's problems.
IOT taking centre stand has pushed aside the easier and mainstream signals that these legacy systems put out. These very signals can be picked up or recorded to run various diagnostics for a fraction of the IOT system cost. As an illustration of the same, vibrations in a machine can possibly suggest a leak in it thereby resulting in lesser efficiency.
Talking about the success that Uptake Technologies has been, Gary Robinson of Baillie Gifford states that “Uptake has delivered real results for its global customers, addressing a largely untapped need for industrial giants that gives them competitive edge in ensuring their machines work”. He continues to believe in and support Mr. Keywell and his team as they look to unlock this huge opportunity.