Uptake has raised $50 million in additional funding, adding some serious cash to the fast-growing Chicago startup.
The new funding brings Uptake’s latest round to $90 million and adds to the $40 million the company announced in February from Revolution Growth. The additional funding was first reported by Crain’s and confirmed by an Uptake spokesperson, who did not respond when asked to name the new investors.
This brings Uptake’s total funding to around $135 million since it was founded in 2014. Other Uptake investors include GreatPoint Ventures, New Enterprise Associates, Caterpillar and Lightbank.
After Uptake’s investment from Revolution, the startup was valued at $2 billion, according to the Wall Street Journal. Uptake is actually the fastest US startup ever to reach a $2 billion valuation, according to Pitchbook, outpacing companies like Snapchat, Blue Apron, Pinterest and Groupon to the $2 billion mark. It did so in just over two and a half years.
Led by Groupon founder Brad Keywell, Uptake uses predictive analytics and Big Data to help companies in industries like construction and rail operate more efficiently. The startup announced a partnership with Caterpillar in 2014 in which Uptake’s technology lets Cat know when machines will fail before they actually break down, saving money on repairs and increasing safety. In March, Uptake announced it’s working with two subsidiaries of Berkshire Hathaway Energy to improve their find energy fleets.