Uptake Technologies

Uptake Technologies operates a predictive analytics Software-as-a-Service platform that gathers and processes real-time sensor and enterprise data to transform into actionable insights. Uptake’s platform mainly provides an artificial intelligence (AI)-driven asset management solution to optimize work orders and analyze sensor data to predict failures and detect anomalies. The platform can prioritize assets based on their current condition and requirement of immediate maintenance. Uptake provides customers with a quote-based pricing model (three pricing plans: 1) data, 2) IoT, and 3) data and IoT) offering customization for diverse requirements. Uptake’s main competitive advantage comes from its broader coverage of more than 800 industrial asset types across sectors such as aviation, construction, manufacturing, energy, mining, rail, and oil and gas.

Uptake is one of the well-funded industrial SaaS companies. It is one of the fastest US startups to reach a USD 2 billion valuation. The World Economic Forum has recognized it for its leadership in industrial IoT. Uptake is focused on growing through product enhancement (e.g., through software upgrades) and external partnerships with cloud computing platform Amazon Web Services (AWS), IoT startup Element Analytics, and Foghorn for its edge IoT analytics. Uptake also counts major industrial players such as Caterpillar, Progress Rail, US Marines, and Berkshire Hathaway Energy among its clientele. Uptake’s most recent funding round was Series D funding worth USD 117 million in November 2017, led by Baillie Gifford. The funds were to be used to accelerate global expansion across key verticals: to offer predictive analytics across all heavy industries (such as oil, gas, and mining).