With $50M in additional funding, Uptake just doubled its Series B

by Andreas Rekdal
April 7, 2017

Uptake kicked the year off strong with a $40 million Series B at a $2 billion valuation in February.

That round just grew to $90 million, according to Crain’s.

A spokesperson for Uptake declined to disclose the new investors when contacted by Crain’s for comment. Uptake has yet to issue a release about the additional funding.

The previous $40 million in the Series B round came from Revolution Growth, a Washington D.C. investment firm. At the time, the tech unicorn said the funding would be used to fuel its growth as a predictive analytics provider. The additional $50 million brings Uptake’s total funding to $135 million.

Only a quarter in, 2017 is already shaping up to be a big year for Uptake. In addition to its Series B, the company landed a major deal with Berkshire Hathaway Energy to provide monitoring for the company’s wind power fleet.

At the time of that announcement, Uptake told the Chicago Tribune that the two companies had spent the past year on research and development for Uptake Wind.

Founded in 2014 by Groupon co-founders Brad Keywell and Eric Lefkofsky, Uptake provides predictive data analytics services to major industrial companies. According to its website, Uptake now serves eight industries, including energy, health, mining and aviation. That number is up from six just earlier this year.

Keywell runs the company's day-to-day operations.

Uptake reached a $1 billion valuation in 2015 and has only kept growing. The company currently has 72 jobs open on Built In Chicago.

Image via Uptake.

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