U.S. startup Uptake valued at $2.3 billion in new funding round: Reuters

NEW YORK (Reuters) – U.S. analytic software firm Uptake Technologies Inc said on Thursday it raised $117 million in venture funding, a deal that gave it a valuation of $2.3 billion.

The series D funding was led by investment firm Baillie Gifford and included prior Uptake backers Revolution Growth and GreatPoint Ventures, Uptake said.

The new round increased the valuation of Chicago-based Uptake from $2 billion at its last funding in April, according to the company.

Uptake, which was co-founded in 2014 by Groupon Inc (GRPN.O) co-founder Brad Keywell, makes software that monitors and analyzes real-time data generated by industrial equipment and uses it to improve the performance and maintenance of the machinery.

Uptake is among scores of companies developing such software, including heavyweights such as General Electric Co (GE.N), Siemens AG (SIEGn.DE) and ABB Ltd (ABBN.S).

Keywell said the funding will help Uptake expand internationally and further target heavy industries such as energy, railroads, oil and gas, mining and wind power.