MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--BigPanda Inc., a leader in Algorithmic Service Operations solutions for enterprise IT, announced today that it has raised an additional $23 million in Series B funding - expanding the round to a total of $49 million. Leading this round is Greenfield Partners, a partnership backed by TPG Growth, with further participation by existing BigPanda investors Sequoia Capital, Battery Ventures and Mayfield. In the past 12 months BigPanda has more than tripled its bookings, adding large enterprise customers such as Intel, Workday, Turner Broadcasting, Macy’s and Riot Games.
Assaf Resnick, CEO of BigPanda, explains, “Driven by Cloud and DevOps, the data center has radically transformed in terms of scale, fragmentation and speed. That’s left enterprise IT Service Operations teams - whose job it is to manage mission critical applications and infrastructure - struggling to catch up and keep their businesses running smoothly. Our vision of using machine learning to automate and scale Service Operations matches the needs of our new and existing customers. We’re thrilled that Greenfield Partners shares this vision. With their support, we plan to accelerate our enterprise go-to-market strategy and expand our technology leadership.”
BigPanda’s cloud platform employs machine learning to process large volumes of alert traffic from fragmented clouds, applications and IT monitoring tools down to a manageable number of incidents for faster resolution by IT Service Operations teams. BigPanda is targeting the $23B IT Operations Management market, with a primary focus on two market segments:
- Replacing legacy solutions for IT Event Management from vendors such as IBM, BMC, CA and HP - which are no longer suitable solutions for modern and highly dynamic IT environments
- Automating manual and inefficient IT Service Operations for enterprises that are struggling to keep up with high growth rates or the demanding requirements of digital transformation
Based in Israel, Greenfield Partners focuses on investing in early growth-stage global technology and tech-enabled businesses. Greenfield partner Shay Grinfeld said, “Across industries and geographies, companies are searching for ways to efficiently and accurately keep up with the growing demands of managing modernized data centers. BigPanda is providing an innovative, comprehensive and scalable solution that transforms chaos and clutter into actionable insights. We are excited to partner with Assaf and his team to further build and enhance the platform.”
In addition to more than tripling bookings, the company has achieved several other meaningful milestones. Over the last 12 months, BigPanda has:
- Reduced IT noise by an average of 91 percent for its large enterprise customers, enabling customers to identify and resolve IT incidents faster and with fewer resources
- Added significant new enterprise customers across a variety of verticals including retail, software, gaming, broadcasting, telecommunications, technology and manufacturing
- Grown employee count by more than 150 percent in the last year, strengthening go-to-market and customer success teams
- Launched the industry’s only “Open-Box” machine learning platform that intelligently automates IT incident management while providing customers greater visibility and control over how machine learning operates in their unique IT environment
- Developed best-in-class interoperability with vendors across IT monitoring, ITSM and enterprise collaboration including Cisco/AppDynamics, New Relic, ServiceNow, Atlassian, Splunk, Slack, BMC, CA, HP, IBM, Amazon Web Services and more
About Greenfield Partners
Greenfield Partners is a joint venture between TPG Growth, the middle market and growth equity investment platform of alternative asset firm TPG, and Yuda Doron, a successful Israeli operator, investor and entrepreneur. Greenfield Partners targets investments of up to $20 million in early growth-stage global technology and tech-enabled businesses with a presence in Israel. The Greenfield team on the ground in Israel applies its years of operating experience with TPG’s global network to help strengthen and grow its portfolio companies. Greenfield Partners’ investments include Avanan, BigPanda, Guardicore and Tapingo.
About BigPanda Inc.
BigPanda Inc. enables Enterprise IT to intelligently automate and scale Service Operations to meet the complex demands of the modern datacenter. The company’s Algorithmic Service Operations platform turns IT noise from fragmented clouds, teams, applications and monitoring tools into actionable insights to speed the resolution of IT incidents. Many of the world’s largest enterprises such as Intel, Workday, News Corp, Macy’s, and Cisco rely on BigPanda to power their Service Operations. Visit www.BigPanda.io for more information.