After launching in 2014, the company quickly raised $45 million and became the latest Chicago unicorn with a $1.1 billion valuation. Uptake uses predictive analytics to help companies in massive, old-school industries collect and analyze large amounts of data.
Uptake works with companies in industries like construction, mining and agriculture, and it works closely with Peoria-based Caterpillar to help the company predict when its machines will fail before they actually stop working. This helps Caterpillar know when to preemptively fix a machine, thus saving time and money repairing a machine that just broke.
To further explain the problems Uptake is trying to solve, founder and CEO Brad Keywell appeared on CNBC this morning to describe how the company’s predictive analytics is helping industries become smarter.
For example, Uptake works with locomotive and rail companies by taking data the trains collect and delivering analytics back to the company about what might break and when.
Check out the full segment above.