Tech unicorn Uptake just raised $40 million from Washington, D.C.-based Revolution Growth. The new funding will help the fast-growing company continue providing predictive analytics across six major industries.
Uptake has now raised $85 million, and Wednesday’s funding catapulted its valuation to $2 billion, according to the Chicago Tribune. Uptake first broke into unicorn territory in 2015 with a $45 million investment less than a year after it burst out of stealth mode.
“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,” said Brad Keywell, CEO and co-founder of Uptake. “We build products on our platform that create measurable value, and we have eliminated integration challenges that have hindered the traditional approach of selling enterprise software.”
The company has applications across mining, rail, energy, aviation, retail and construction industries, turning billions of data points into insights and even providing predictive capabilities powered by machine learning.
“Uptake is partnering with iconic industrial companies that have yet to fully integrate data analytics to improve business operations,” said Revolution Growth co-founder Ted Leonsis. “This type of revolutionary data science will create real value for industrial companies by helping them monetize their data, improve safety and more.”
Keywell (pictured, top) and Eric Lefkofsky, who are behind Chicago success stories like Groupon, Echo Global Logistics and Mediaocean, founded the company in 2014. Construction industry giant Caterpillar took an early stake in the company.
Chicago tech is off to a great start this year. January wrapped up with over $115 million in fundings, and Uptake’s funding tops any amount raised last month.
The company is growing quickly — it currently has nearly 60 open positions on Built In Chicago — and the funding will likely help support that growth. Last year, the company said it had about 600 employees working at its Chicago office.
Image via Uptake