“Build what comes next”
Founded: 2014 in Chicago, USA

Category: Artificial Intelligence

Primary office: Chicago, IL (USA)

Core technical team: Chicago, USA

Status: Private

Employees: 500

Amount raised: $218 million (4 rounds – November 2017)

OVERVIEW

  • Leverages artificial intelligence, natural language processing, machine learning and Internet of things (IoT) to provide both preventive and predictive data -driven insights that help reduce the risks and costs associated with the operational and maintenance processes of most companies.
  • It serves various heavy-duty industry leaders in aviation, government, energy, construction, agriculture, railway and mining including US Army, US Marine Corps, Caterpillar, Blanchard CAT & Rolls Royce.
  • “Predictive analytics to the industrial world”

 

PERFORMANCE METRICS

  • Valuation – $2.3 billion (2017)
  • Revenue – $100+ million est. (2017)

 

ACHIEVEMENTS

  • Three years consecutive recipient of the CNBC Disruptor 50 honoree award (2017, 2018, 2019)
  • Venture capital-backed
  • World’s largest Industrial Asset data Library
  • CEO receives entrepreneur of the year award from E&Y
  • Bloomberg recognizes Uptake as 2019 New Energy Pioneer
  • Cash positive

Sells

  • Software-as-a-service; customized Industry solution applications
  • DealerSuite – automated and pre-built AI model platform used to generate insights for various heavy industry business use cases
  • ServiceLink – enables companies to digitize their processes saving money and time

Channels

  • Cloud-enabled delivery platform
  • Easy to build Integratable Data models with Click-and-drag application builder
  • Partners with Technology Resellers, Consultants and Technology Integrators for a wider and efficient reach
  • Strategic partnerships (e.g., with Element to create and deliver an AI solution for industry automating data integrations, data science model configuration, and the production of insights to help detect/prevent failures; with Caterpillar for access to big data of Caterpillar vehicles)

Competencies

  • Founder-led management team (experience with Groupon)
  • Artificial intelligence, data analytics, machine learning and cloud computing
  • ISO-270001 certified with internal hackers and hunters to continuously and proactively ensure high level cybersecurity of platforms and clients’ data across the software development lifecycle

Resources

Assets

  • Cloud-based and user-friendly integration platforms – data source, application builder, performance management tool, etc.
  • Proprietary Asset Strategy Library (ASL) with over 55,000 iterative failure modes and maintenance strategies
  • Technology Ecosystem – Partnership with industry giants providing a large knowledgebase
  • Asset Performance systems Integratable with client’s existing Computerized Maintenance Management (CMMS) and Enterprise Asset Management (EAM) systems
  • AI-driven performance management application – AssetIO
  • Asset Strategy Library (ASL) – largest database of industrial asset types, failure modes and maintenance tasks – used to optimize asset management

Processes

  • Plug and play Integration platform with user’s existing systems and technologies
  • Easy transition between multiple platforms
  • Artificial Intelligence and machine learning applied to industrial processes

Priorities

  • Continuously drive market expansion
  • Increase product enhancement
  • Increase profitability

Assertions That Best Describe What the Company Did to Scale Early, Rapidly & Securely

  1. Increase demand by using scientific and technological advances to develop innovative products and services
  2. Increase demand of products and services by combining two or more resources in a way that the value created from them exceeds the sum of the value created from each resource separately
  3. Develop and sell products that address a problem, job to be done or a need that is shared by a large and growing number of individuals and organizations in various regions to increase sales.
  4. Increase value by being responsible and accountable for creating and making visible the quantifiable benefits the company delivers its stakeholders, including customers, partners, investors, members of the company’s value chain, society, and others
  5. Develop and implement a governance model to scale, raise capital, protect against the unauthorized use of electronic data, and leverage business ecosystems to increase value

References

Uptake website.2020. https://www.uptake.com/

Crunchbase. 2020. Uptake Technologies. https://www.crunchbase.com/organization/uptake-3#section-funding-rounds

Tech Crunch. 2017. Uptake nabs $117M at $2.3B valuation for industrial predictive analytics. https://techcrunch.com/2017/11/30/uptake-nabs-117m-at-2-3b-valuation-for-industrial-predictive-analytics/

Owler. 2020. Uptake. https://www.owler.com/company/uptake


Contributors

  • Yinka Olanrewaju-Olawepo
  • Dan Craigen