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Uptake, the Chicago-based industrial predictive analytics company led by Groupon co-founder Brad Keywell, has raised $117 million in Series D funding at a $2.3 billion post-money valuation. Baillie Gifford led, and was joined by return backers Revolution Growth and GreatPoint Ventures.
- Why it's the BFD: Because this is a major vote of confidence in Uptake, just days after it was revealed that Caterpillar pulled its early investment in the company. No word on if Cat exited via a sale into this new round, although Uptake does say that the industrial giant remains a customer.
- Bottom line: "Uptake is capitalizing on two existing factors in the industrial market. The first is that most industrial companies do have some kind sensors on their equipment today, but most of the time they are completely unused... The second is that these businesses are losing millions and sometimes billions because of aging and faulty equipment that they are not able to monitor and service correctly." — Ingrid Lunden, TechCrunch
Venture Capital Deals
Private Equity Deals
• GFL Environmental, a Canadian waste management company backed by HPS Investment Partners and Macquarie Infrastructure Partners, is seeking to raise upwards of C$1 billion via an IPO in Q1 2018, according to Reuters. http://axios.link/v3lX
⛽ IPSCO Tubulars, the U.S. subsidiary of Russian steel pipe-maker TMK, said that it is considering an IPO. http://axios.link/GkX0
• Nissin Foods (Tokyo: 2897) is launching a Hong Kong IPO for its instant noodle unit, which could raise upwards of $145 million. http://axios.link/fDDO
• Caesars Entertainment (Nasdaq: CRZ) has agreed to sell the real estate assets of its Harrah's Las Vegas hotel to VICI Properties (OTC: VICI) for $1.14 billion in cash. http://axios.link/bs2t
⛽ China Energy Reserve and Chemicals Group has offered to buy Australian oil and gas producer AWE Ltd. (ASX: AWE) for A$430 million. http://axios.link/7MAR
• Cumulus Media, an Atlanta-based radio station owner and operator, has filed for Chapter 11 bankruptcy protection, but says it has enough cash on hand that it will not seek debtor-in-possession financing. http://axios.link/kPGp
• Nokia is denying a CNBC report that it plans to make a takeover bid for Juniper Networks (NYSE: JNPR). http://axios.link/unBV
• Churchill Asset Management, a unit of Nuveen, has raised $1.1 billion for a middle market senior loan fund. www.churchillam.com
• Investec said that its £3 billion asset management arm used to target a 5% exposure to listed private equity firms, but sold all its shares in Q3 and does not plan to return to the sector. http://axios.link/I2MO
• Lightyear Capital has closed its fourth private equity fund with $950 million in capital commitments, plus $75 million for a related co-investment fund. www.lycap.com
• Catalyst Investors has promoted Susan Bihler to partner. She joined the firm in 2009, and serves on the boards of Clinicient, Datavail and Envoy Global. www.catalyst.com
• John Jureller has joined PE-focused financial consultant Accordion as a managing director. He is a former operating exec with General Atlantic and ex-CFO of Frontier Communications. www.accordion.com
🚑 OrbiMed has promoted Mona Ashiya to partner. She is a former healthcare equity analyst for J.P. Morgan. www.orbimed.com
• Sam Tillinghast is stepping down as co-CEO of THL Credit, with fellow co-head Christopher Flynn to run the group solo. http://axios.link/WNRY
- Bitcoin had a wild ride yesterday. First it crossed the $10,000 mark and peaked at an all-time record of $11,377, before tumbling nearly 20% on reports of service outages at some large Bitcoin exchanges. It later stabilized.