BigPanda, Inc., the leader in AIOps Event Correlation and Automation, today announced a $190 million funding round. This financing round was led by Advent International and New York-based global venture capital and private equity firm Insight Partners, with participation by other existing investors. Eric Noeth, partner at Advent, will join BigPanda’s board of directors, and Sanjay Poonen, formerly President of SAP and COO of VMware, will join as a strategic advisor.
The need just keeps on rising…
IT Operations teams are now recognized for maintaining every organization’s mission-critical digital presence, which has been especially prevalent since the COVID-19 pandemic, as digital services had to scale up big time for people to continue in their everyday lives. So, since CIOs need to quickly accelerate digital transformation initiatives, IT Operations, NOC, DevOps and SRE teams who are charged with maintaining the availability and performance of applications, systems and networks that are the backbone of digital services are needed more now than ever. These professionals are trying to modernize IT Operations by leveraging AIOps, meaning they are combining AI-powered event correlation and automation. They must automate manual incident management, turbo-charge digital services and enable extraordinary customer experiences. The demand for AIOps is increasing rapidly, so much so that 90% of organizations are already investing in AIOps or plan to soon.
Since hybrid cloud infrastructure powering the digital economy is rapidly growing in scale and complexity, causing an explosion of IT data that is overwhelming IT Ops teams. Organizations struggle with manual and reactive incident response processes that are badly suited for the scale, complexity, and velocity of modern IT environments. What we're left with is bad outages, unhappy customers, a growing IT headcount and the inability to keep up with the demand for always-on digital services. For those reasons, AIOps can make a significant operational impact on any organization.
BigPanda, Big Operations
BigPanda provides an AIOps Event Correlation and Automation platform that enables IT Operations teams to automate incident management and keep their digital businesses running smoothly. BigPanda’s AIOps platform transforms huge volumes of IT data into actionable insight and automation. With BigPanda, businesses automate incident management, prevent IT outages, increase the velocity of their digital business, and deliver extraordinary customer experiences.
“The need among IT Operations teams for AI-powered insights and automation has exploded in recent years,” said Assaf Resnick, co-founder and CEO of BigPanda. “The scale of the digital economy is rapidly growing. At the same time, enterprise adoption of cloud and cloud-native environments has reached a tipping point. This has placed a huge burden on IT Operations teams in terms of the growing scale and complexity of the IT data that must be consumed and responded to keep digital businesses running. These teams are turning to BigPanda for help.”
BigPanda, Big Funds
The latest funding round will allow BigPanda to continue to innovate on its best-in-class AIOps capabilities, by increasing the size of its machine learning, product, and R&D teams, as well as making strategic acquisitions. The funding will also be used to scale BigPanda’s go-to-market activities, by building out its sales, marketing, customer success and partnership teams. BigPanda has seen tremendous growth recently. Since 2021, their sales (ARR) grew by 155%, their gross dollar retention was 97% on a last-12-months basis, their net dollar retention was 122% on a last-12-months basis, driven by Fortune 2000 customers who have rapidly increased their usage of BigPanda, has grown by 104% in new employee hired in the last two years, and has had a 5x year-over-year increase in over $1 million deals.
Lonne Jaffe, Managing Director at Insight Partners said, “As the clear leader in AIOps event correlation and automation, BigPanda is now enjoying powerful network effects as they sit in between the ‘pandamonium’ of the upstream IT data, on one side, and the downstream collaboration systems, on the other side. BigPanda’s extraordinary momentum is a testament to its product differentiation, customer success maturity and skilled leadership, and we couldn’t be more excited to support the company’s growth into the future.”
BigPanda was founded in 2012 by Assaf Resnick and Elik Eizenberg. They have raised a total of $310 million to date.
