Chicago predictive analytics startup Uptake has laid off 51 employees, the company confirmed Tuesday.
Uptake, which launched in 2014, has become one of Chicago’s most well-funded and high-profile startups. Founded by Groupon founder Brad Keywell, the startup has raised around $260 million to date, including a $117 million Series D in November.
An Uptake spokesperson provided the following statement from Keywell:
“With the pace of our growth and the size of the opportunity before us, Uptake is committed to having the optimal team and skill sets to continue on this trajectory. With that, we have reduced our current team by 51 people. And we move forward with an even more precise focus on building and deploying actionable insight products that create impact for global industry. This was a difficult, but necessary, decision to best serve the needs of Uptake and our customers. We continue to actively recruit and hire exceptional talent to fill positions that are critical to our long-term growth.”
The layoffs were first reported by the Chicago Tribune.
The news comes after Caterpillar, one of Uptake’s early investors and pilot customers, restructured its investment deal and redeemed its investment in Uptake. In December, Valor Equity also announced it had ended its investment in Uptake.
Uptake uses predictive analytics to help large companies know when 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. Caterpillar, despite pulling its investment, remains an Uptake customer.
Uptake had grown to around 800 employees. The layoffs now leave the company with around 750 workers.