AIOps co BigPanda raises $50m; plans expansion in Israel

IT  image: Shutterstock

The company, whose platform enables enterprises to automate their IT operations, says it will recruit 30 more people to its Israeli R&D center.

Autonomous Operations platform company BigPanda Inc. announced today that it had raised a $50 million Series C round of funding. The round was led by Insight Partners, with participation from existing investors Sequoia, Battery Ventures, and Mayfield. This current round of investment brings the company's total funding to more than $120 million.

BigPanda was founded in 2012 by its CEO Assaf Resnick, formerly a member of the investment team at Sequoia, and company CTO Elik Eizenberg, who previously worked in machine learning and big data analysis in a financial company and in the IDF Intelligence Corps. The company employs 110 people, 40 of them at its research and development center in Israel, and the remainder in California. It plans to recruit 30 new development employees in Israel in the coming year.

BigPanda does not disclose its revenue, but it does report 150% annual growth.

"IT Operations teams face a big challenge today. The IT environments that they manage are rapidly modernizing and exploding in terms of scale, complexity and velocity. This has created a tsunami of IT data that is overwhelming operations teams and hindering their ability to keep their businesses running smoothly," said BigPanda co-founder and CEO Assaf Resnick. "We founded BigPanda to address this challenge, by leveraging machine learning to transform this data tsunami into actionable insights, adopt AIOps and automate IT Operations beyond the limit of human scalability. This funding round with Insight is a validation of BigPanda’s vision and our success in helping IT Ops, NOC, and DevOps teams move towards an autonomous future."

"BigPanda is helping enterprises everywhere tackle a widespread and growing problem of frequent, long, and painful outages that affect users and customers," said Insight Partners managing director Lonne Jaffe. "With a 150%+ year-on-year growth rate and an extraordinary renewal rate, BigPanda's customers-a group that includes some of the largest and most complex enterprises in the world-are benefiting from a platform that is improving very quickly."

"Today’s fast-paced technology environment generates an overwhelming amount of noise and is growing more complex with changes in software and infrastructure happening hundreds of times every day. The mix of these factors increases the potential for unexpected incidents and outages that are frequent, long, and painful, and not addressable with legacy tools. This Series C investment validates BigPanda’s approach to solving these issues, and will help enterprises adopt AIOps and intelligently automate and scale their IT operations," BigPanda says in its announcement. The company claims that in most cases customers start to experience value on their BigPanda AIOps investment in just 8 to 12 weeks.

Published by Globes, Israel business news - en.globes.co.il - on November 21, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

IT  image: Shutterstock
IT image: Shutterstock
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