Uptake (business)
| Company type | Private |
|---|---|
| Industry | Software, Industrial artificial intelligence, Predictive analytics |
| Founded | 2014 |
| Founder | Brad Keywell |
| Headquarters | Chicago , United States |
Area served | Worldwide (including San Francisco, Houston, Albuquerque, Riyadh, Mississauga) |
Key people | Kayne Grau (CEO), Brad Keywell (Executive Chairman) |
| Products | Asset Performance Management solution, Asset Strategy Library (ASL) |
Uptake is a software firm focused on industrial artificial intelligence (AI) and predictive analytics. Established in Chicago, Illinois in 2014 by Brad Keywell, the company offers a flagship Asset Performance Management solution along with a comprehensive managed platform powered by machine learning and data science technologies.
A key component of its industry-tailored resources is the Asset Strategy Library (ASL), which delivers detailed insights for preventing equipment failures. The ASL stands as the most extensive resource available in the market, encompassing nearly 800 types of equipment, more than 58,000 failure modes, and upwards of 180,000 reportable conditions.
Business
Founded in 2014 with its main office in Chicago, Uptake maintains additional locations in San Francisco, Houston, Albuquerque, Riyadh, and Mississauga.
In March 2015, Caterpillar invested as a minority stakeholder to collaborate on monitoring systems for close to 3 million Caterpillar machines. This integration into Caterpillar’s core operations was finalized by mid-2016. On September 21, 2016, Progress Rail teamed up with Uptake to introduce EMD Uptime, a condition monitoring solution. By March 2017, Berkshire Hathaway Energy—Warren Buffett's $84 billion renewable energy holding—implemented Uptake’s software via its subsidiaries BHE Renewables and MidAmerican Energy Company to oversee wind turbine assets.
In June 2018, Uptake won a contract from the U.S. Army aimed at improving the operational readiness of Bradley Fighting Vehicles through its AI-driven software.
Regarding executive leadership, Ganesh Bell, formerly General Electric’s chief digital officer, was appointed President in February 2018 but resigned in June 2019. Kayne Grau took over as President in September 2020 and advanced to CEO in October 2021; concurrently, founder Brad Keywell assumed the role of Executive Chairman of the Board.
Financing
On October 27, 2015, Uptake secured $45 million in venture funding led by GreatPoint Ventures alongside existing backers such as New Enterprise Associates and Caterpillar, achieving a $1 billion valuation and becoming Illinois’ third unicorn company. Subsequently, on February 1, 2017, Revolution Growth—established by Steve Case, Donn Davis, and Ted Leonsis—contributed $40 million during Uptake’s Series C financing round, which valued the business at $2 billion. In November 2017, Uptake completed a $117 million Series D round at a post-money valuation of $2.3 billion, bringing total capital raised beyond $250 million.