A company that is seizing the opportunity to provide predictive analytics to the industrial world — regardless of whether a business has made the (often costly) transition to internet-of-things “smart” systems — is today announcing that it has raised a significant round of growth funding to double down on the opportunity.
Uptake, a SaaS startup that uses machine learning to read and understand how machines are working, and also anticipate when they may break down or need other attention, has closed a Series D round of $117 million at a post-money valuation of $2.3 billion, led by Baillie Gifford, with participation also from existing investors Revolution Growth and GreatPoint Ventures. It brings the total funding to over $250 million.
The company is already cash-flow positive, and works across six continents with dozens of industrial businesses (three that were named to me are Berkshire Hathaway Energy, Catepillar and Panduit). But in the words of the company’s VP of communications, Abigail Hunt, the idea is to “go on the offence” to strike while the iron is hot.
“IoT is today an opportunity that is worth billions of dollars, and it will be in the trillions of dollars in the coming years,” she said in an interview. “This funding is for us to go after big markets like gas and energy.” Indeed, it was only in April of this year that Uptake announced its Series C.
“We’re on a growth trajectory now where there is virtually nothing standing in our way from being the predictive analytics market leader across every heavy industry, from oil & gas to mining and beyond,” said…