Israeli artificial intelligence for IT operations platform BigPanda has announced the completion of a $190 million financing round at a company valuation of $1.2 billion. The round was led by Advent International and Insight Partners, with participation by other existing investors.
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. The company was founded in 2012 by CEO Assaf Resnick and CTO Elik Eizenberg and is headquartered in Mountain View, California with its development center in Tel Aviv.
BigPanda said the new funding will be used to continue to expand its product development and R&D teams, enlarge its marketing and sales network and for future acquisitions.
BigPanda reported that sales in 2021 (net new ARR) rose 155% from the previous year and the fourth quarter of 2021 set new records for the number of new customers added in a single quarter, nearly doubling the customer base since 2019
Resnick said, "The need among IT Operations teams for AI-powered insights and automation has exploded in recent years. 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 in order to keep digital businesses running. These teams are turning to BigPanda for help."
Published by Globes, Israel business news - en.globes.co.il - on January 12, 2022.
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