Chicago tech company Uptake, which specializes in predictive analytics for industrial sectors, has acquired a Canadian startup as it looks to beef up its data offerings.
Uptake announced Monday that it has purchased Edmonton-based ShookIOT, a startup specializing in widespread data collection for enterprises. Terms of the deal were not disclosed.
Founded in 2014 by serial entrepreneur Brad Keywell, Uptake uses predictive analytics to help large companies know when their machines are going to break down before they fail. Uptake’s technology works in multiple industries, including oil and gas, rail, and wind energy.
With ShookIOT’s tech, Uptake says it can simplify data migration and more easily deploy Uptake’s industrial artificial intelligence platform. The combined software will allow organizations to move industrial and operational data from one site to many, and allow company-wide visibility into the organization’s performance at the component, asset, process and plant levels.
Quicker, more detailed data allows Uptake customers to streamline production levels and prevent unplanned downtime. The combined offerings are available through direct deployment or Microsoft Azure, Uptake said.
"Integrating ShookIOT software within Uptake's applications optimizes the preparation of industrial data for precision analytics,” said Kayne Grau, who joined Uptake as its president in September. “By combining forces, we advance our leading position in this vital SaaS category, enhancing the speed with which we deliver greater reliability, safety, and productivity to industrial operators."
ShookIOT was founded in 2017 by Leanna Chan and Dave Shook. All 20 of ShookIOT’s employees are joining Uptake, which says it now employs about 300 people. At its height, Uptake employed about 800 people, but has gone through a series of layoffs over the last couple years. In 2019, Uptake laid off 23 people after cutting about 200 employees in 2018.
To date, Uptake has raised $218 million in venture capital. It last raised a $117 million Series D round in 2017.
