MOUNTAIN VIEW, CA, BigPanda today announced that it has raised a $50 million Series C.
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BigPanda, provider of the first Autonomous Operations platform, today announced that it has raised a $50 million Series C round of funding to help enterprises successfully adopt AIOps 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.
Successful AIOps Adoption with BigPanda
BigPanda's autonomous operations platform enables organizations to successfully adopt AIOps by leveraging the following features:
Open Box Machine Learning. Black-box machine learning is a huge problem in the enterprise, inhibiting trust and adoption of AI. BigPanda's unique implementation of explainable AI is guided by the principles of full transparency, testability and control.
Root Cause Changes. This recently launched feature fast tracks incident and outage resolution in fast-moving IT stacks by identifying the root cause change behind outages and incidents. It does this by ingesting and using Open Box Machine Learning to correlate and analyze the three critical datasets in IT: alerts, changes and topology.
Open Integration Hub. The open integration hub makes it easy for enterprises to ingest, normalize and enrich data from all enterprise monitoring, change and topology tools. Dozens of out-of-the-box integrations and an easy-to-use, open API makes it easy for BigPanda to work with enterprises' existing tools, and future-proofs their BigPanda investments.
Unrivaled Time to Value with BigPanda
The Open Integration Hub, Open Box Machine Learning, Root Cause Changes, and other platform capabilities, when combined with a highly intuitive operations console that takes users just one to two days to learn, allows customers start to experience value on their BigPanda AIOps investment in just 8 to 12 weeks in most cases.
BigPanda helps IT Ops, NOC and DevOps teams detect, investigate, and resolve IT incidents and outages, faster and more easily than ever before. Powered by Open Box Machine Learning, BigPanda captures alerts, changes and topology data from all your disparate tools and uses machine learning to reduce IT noise, detect incidents and outages, and surface their probable root cause, in real time. Customers such as Intel, TiVO, Warner Media and Workday rely on BigPanda to reduce their operating costs, improve service availability and performance, and de-risk and accelerate their digital transformation initiatives.
Founded in 2012, BigPanda is backed by top-tier investors including Sequoia Capital, Mayfield, Battery Ventures, and Insight Partners. Visit www.bigpanda.io for more information.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.