Fast-growing predictive analytics startup Uptake just landed a big round of funding to keep its foot on the gas pedal.
Uptake announced Thursday that it has raised a $117 million Series D round led by UK venture fund Baillie Gifford. Uptake’s existing investors Revolution Growth and GreatPoint Ventures also participated.
This brings Uptake’s total amount of venture capital to around $260 million since it launched in 2014. The new round of funding values the company at $2.3 billion, according to Crain’s.
“We’re on a growth trajectory now where there is virtually nothing standing in our way from being the predictive analytics market leader across every heavy industry, from oil & gas to mining and beyond,” Uptake Co-founder and CEO Brad Keywell said in a statement. “The opportunity is too significant for us to not double down right now.”
The new round of funding comes after Caterpillar, one of Uptake’s early investors and pilot customers, restructured its investment deal in the Chicago startup and redeemed its investment in Uptake.
Uptake uses predictive analytics to help large companies know then their machines are going to break down before they fail. Uptake’s technology works in multiple industries, including oil and gas, rail, and wind energy—where Berkshire Hathaway is one of its customers.
Uptake now has around 800 employees.
Baillie Gifford has also been a late-stage investor in Airbnb, Lyft, Spotify HelloFresh.