IT incident management company BigPanda has raised $7 million in a Series A round of funding, led by Mayfield with participation from Sequoia Capital, which previously led a $1.5 million seed round. BigPanda has raised $8.5 million to date, and plans to use the latest funding to accelerate its roadmap and growth.
BigPanda has also launched the world’s first data science platform to automate IT Incident Management.
BigPanda was born out of a long time frustration with the daily grind that every IT team faces - responding the torrent of daily IT issues that may impact customers and revenue. As data centers have exploded in scale and complexity in recent years, so have the number of IT alerts that require immediate attention. That has created a major bottleneck for IT teams, which continue to rely on slow and manual Incident Management software that was not built for the scale of modern IT environments which may have hundreds or thousands of daily alerts.
CEO Assaf Resnick and VP R&D Elik Eizenberg founded BigPanda in 2012 to bring a fundamentally new approach to IT Incident Management. Headquartered in Mountain View, California, the company's development offices are in Tel Aviv. The company has deep expertise in data science, IT infrastructure management and DevOps collaboration and comes from organizations like New Relic, Atlassian (JIRA), MarketWindows (algo trading firm) and HP Mercury.
Mayfield Managing Director Robin Vasan said: “We are excited to partner with Assaf and his team who are attacking the multi-billion dollar IT service management market with a unique data science-based approach. BigPanda is doing to IT Incident Management what Splunk did for logs and what ArcSight did for security incidents: providing a better way to manage and leverage machine data at scale.”
Sequoia Capital General Partner Shmil Levy said: “IT Incident Management has not kept up with changes in the data center and is ripe for disruption. BigPanda is uniquely positioned to transform the space through its automation platform. The combination of a great team, great technology and a market thirsty for solutions is the reason we invested in BigPanda.” Resnick said: “BigPanda is about transforming the way IT teams deal with issues of data center scale and complexity."
Published by Globes [online], Israel business news - www.globes-online.com - on October 29, 2014
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