Eric Lefkofsky

Brad Keywell's Uptake lays off 51 employees

Brad Keywell's Uptake lays off 51 employees

Uptake Technologies laid off 51 employees Tuesday at its Chicago headquarters, co-founder and CEO Brad Keywell said in a statement.

These are the first layoffs at the 3-year-old company, which focuses on analyzing data from machinery. The announcement comes after two companies recently ended their investments in Uptake, which last year secured a valuation of $2 billion, placing it among the high-value startups known as “unicorns.”

“We move forward with an even more precise focus on building and deploying actionable insight products that create impact for global industry,” Keywell, a co-founder of Groupon, said in the statement. “This was a difficult, but necessary, decision to...