The predictive analytics startup, Uptake, has raised $40 million from the venture capital firm Revolution Growth. Uptake was founded by Eric Lefkofsky and Brad Keywell, who also co-founded Groupon. The names behind Revolution Growth are the co-founders of AOL – Steve Case and Ted Leonsis. The investment will now see Ted Leonsis join the board of directors of Uptake.
Previously, Uptake had raised $45 million from LightBank, New Enterprise Associates, and GreatPoint Ventures. The startup also received an investment from Caterpillar early on. With the new round of investment, Uptake is now valued at $2 billion. The startup first broke into unicorn territory in 2015 when the $45 million investment was made.
Predictive software to pre-empt outages
Founded in 2014, the startup collects data which it then tracks before analyzing in order to manage the maintenance of equipment and avoid outages. Uptake started off partnering with Caterpillar to use predictive analytics and machine learning in aiding the construction equipment manufacturer to foretell when machines would break down prior to them failing. Update’s platform is now in industries such as aviation, rail, retail, energy, and mining. In the rail industry, Uptake’s platform has been deployed by locomotive firms and this allows them to predict and prevent system failures before they arise.
“Uptake has created a new category of enterprise software called ‘outcomes as a service’, and by delivering actionable insights, we are committing to results and to positive impact for our customers,” Brad Keywell, the chief executive officer of Uptake said in a statement.
Serial entrepreneurs creating jobs in Chicago
Uptake currently has a workforce of close to 700 employees who are mostly located in Chicago. The startup also has about 60 positions that it is currently looking to fill and the funding that it has received will help in hiring.
Besides Groupon, the co-founders of Uptake have also started other companies that have turned out to be success stories. This includes Mediaocean and Echo Global Logistics.
In Wednesday’s trading session, shares of Groupon Inc (NASDAQ:GRPN) edged up by 0.58 percent to close the day at $3.47.