PALO ALTO, Calif.--(BUSINESS WIRE)--BigPanda, the Alert Correlation Platform that turns the huge volumes of IT data and alerts into consolidated insights for businesses, today announced that it has added $5 million to its Series B financing round for a total of $21 million. The Series B round included participation from Sequoia Capital, Battery Ventures, Mayfield and new investor Pelion Venture Partners.
At the same time, BigPanda revealed new company milestones demonstrating continued momentum, including doubling the customer base in the last six months and signing new strategic partnerships to fuel growth.
With the addition of $5 million, BigPanda will close the Series B funding round of $21 million, bringing the company’s total funding to date to $30 million. BigPanda will use the funding to expand its data science platform to further address the data explosion in IT and grow its team in the United States.
A platform shift toward new types of IT infrastructure and applications has led to a major new challenge: a massive increase in the scale and complexity of the data that IT teams need to track on a daily basis. BigPanda’s 2016 State of Monitoring Report, which surveyed nearly 2,000 IT and Ops decision makers to shine a light on the challenges facing their teams and how these issues affect performance, revealed that most organizations receive thousands of alerts every day from an average of six different monitoring tools. What’s more, 80 percent of respondents said that strategic monitoring is important to their organization, but only 12 percent are satisfied with their current approach.
“Today’s IT Ops teams are facing a deluge of data every single day, and noise levels are at an all-time high,” said Assaf Resnick, CEO of BigPanda. “As the scale, complexity and agility of modern infrastructure and applications accelerate, the problem will only get worse. Our goal is to make it easier for IT Ops teams to quickly detect and resolve issues to prevent harmful service downtime, which can cost companies thousands of dollars per minute and reduce customer satisfaction.”
“We share BigPanda's view of the massive market opportunity for algorithmic automation of IT Operations,” said Blake Modersitzki of Pelion Venture Partners. “Due to the cloud and virtualization, the scale of IT data has increased dramatically in recent years. That's become a painful bottleneck for the IT teams that have to understand and react to all that data in order to keep their companies running. BigPanda solves that bottleneck with their cloud-based platform and has built a wonderful business in the process.”
Expanding Customer Base
BigPanda revealed that the growing need for businesses to manage and resolve IT incidents has led to a record number of new customer bookings, doubling BigPanda’s customer base in the last six months.
BigPanda helps companies in a wide variety of industries – from retail to technology to media – drive revenues and keep customers happy by minimizing painful IT service disruptions or preventing them in the first place. BigPanda's customer roster includes leading companies such as Gap, News Corp, Caesars, PayPal and Wix.
New Strategic Partnerships
BigPanda announced that it has signed a new technology integration partnership with team collaboration software company Atlassian (Nasdaq:TEAM). BigPanda’s integration with Atlassian’s products JIRA, HipChat and Bitbucket helps IT Ops teams keep in sync with their monitoring stack. BigPanda enables JIRA users to automatically create tickets based on intelligent correlated incidents, which helps them save time, reduce mistakes and get a real-time view of what’s happening.
Additionally, BigPanda has announced an expanded partnership with ServiceNow (NYSE:NOW). The two companies teamed up on an updated integration that helps focus IT Ops teams on fixing the right problems faster – with results of up to 86 percent lower mean time to recovery (MTTR). The updated version of BigPanda for ServiceNow, unveiled at ServiceNow’s Knowledge16 conference in Las Vegas, is now available in the ServiceNow Store as a free download.
BigPanda’s mission is to keep businesses running by improving how IT teams manage the explosion of IT data they face every day. BigPanda uses data science to analyze massive volumes of IT alerts from fragmented clouds, applications and systems and turn them into actionable insights. Founded in 2012, the company is backed by Sequoia Capital, Mayfield and Battery Ventures. BigPanda is headquartered in Palo Alto, California. For more information visit www.bigpanda.io or follow BigPanda on Twitter @bigpanda.