World News: 12:30 GMT Thursday 21st November 2019. [BigPanda via Globe Newswire via SPi World News]
MOUNTAIN VIEW, Calif., Nov. 21, 2019 (GLOBE NEWSWIRE) -- BigPanda Inc., provider of the first platform, today announced that it has raised a $50 million Series C round of funding to help enterprises in their IT Operations, Network Operations Center (NOC), and DevOps teams. The round was led by Insight Partners, with participation from existing investors Sequoia, Battery Ventures, and Mayfield. This investment brings BigPanda’s total funding to more than $120 million.
“We are proud to partner with BigPanda to transform IT operations with AIOps,” said Lonne Jaffe, Managing Director at Insight Partners. “BigPanda is helping enterprises everywhere tackle a widespread and growing problem of frequent, long, and painful outages that affect users and customers. 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. BigPanda’s powerful implementation of explainable AI, ‘Open Box Machine Learning,’ fosters trust and is highly differentiated in the market. We’re excited to support BigPanda’s leadership team as they scale up in 2020 and beyond.”
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.
“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 Assaf Resnick, CEO and co-founder, BigPanda. “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.”
As enterprises migrate to the cloud, the speed at which their IT stacks must operate is accelerating. When IT Ops, NOC, and DevOps teams try to use legacy tools and techniques to support cloud-native and hybrid-cloud architectures and applications, incidents and outages become more frequent, last longer, and have a wider impact footprint. This creates serious consequences for businesses in the form of higher operating costs, degraded performance and availability, SLA violations and penalties, and unhappy customers and end-users.
Founded in 2012, BigPanda is backed by top-tier investors including Sequoia Capital, Mayfield, Battery Ventures, and Insight Partners. Visit for more information.
FOR MORE INFORMATION, CONTACT:Sammy TotahBOCA Communications for BigPanda
Globe Newswire: 12:30 GMT Thursday 21st November 2019
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