Chicago-based Uptake attracts $117 million investment

Crain’s Chicago Business reported that Uptake, “an industrial Big Data software company” brought in another $117 million from U.K. investors. This brings the company’s total investment to about $264 million. According to ECE ILLINOIS alumnus and the company’s chief product officer Greg Goff (BSEE '93), Uptake plans on using the money to expand into industries such as mining, energy, oil, and gas. Goff added, “We’re continuing to look at global expansion and how we get into other markets.” Uptake helps customers compile data from sensors on equipment such as locomotives and wind turbines so they can identify problems or predict failures. 

 

Crain’s Chicago Business stated that the funding came just weeks after Uptake and Caterpillar, one of their customers and backers, renegotiated an extensive partnership. Through this partnership, Caterpillar gained control over its digital strategy which had been associated with Uptake and Uptake obtained the rights to sell more freely to Caterpillar competitors. 

 

Earlier this year, Uptake raised $90 million at a $2 billion valuation, becoming one of Chicago’s fastest-growing tech companies with over 800 employees. 

 

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