BigPanda, the Alert Correlation Platform that turns large volumes of IT data into consolidated business insights, today announced that it has added $5 million to its Series B funding round for a total of $21 million. The Series B round included the participation of Sequoia Capital, Battery Ventures, Mayfield and the new investor Pelion Venture Partners.
At the same time, BigPanda has revealed new company milestones demonstrating continued momentum, including the doubling of the customer base over the last six months and the signing of new strategic partnerships to boost growth.
New Financing
With an additional $5 million, BigPanda will close the $21 million Series B funding round, bringing the company’s total funding to $30 million to date. BigPanda will use the funding to expand its data science platform to further address the IT data explosion and expand its team in the United States.
The shift to 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 almost 2,000 IT and Ops decision-makers to shed 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. In addition, 80% of respondents said that strategic monitoring is important to their organization, but only 12% are satisfied with their current approach.
‘Today’s IT Ops teams face a data deluge 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 accelerates, the problem will only get worse. Our goal is to make it easier for IT Ops teams to quickly detect and resolve issues that prevent harmful downtime services that can cost companies thousands of dollars per minute and reduce customer satisfaction. ”
‘We share BigPanda’s view of the huge market opportunity for the algorithmic automation of IT operations,’ said Blake Modersitzki of Pelion Venture Partners. ‘As a result of cloud and virtualization, the scale of IT data has increased dramatically in recent years. This has become a painful bottleneck for IT teams that need to understand and react to all the data in order to keep their companies running. BigPanda solves that bottleneck with its cloud-based platform and has built a great deal of business in the process. ”
Extending Customer Base
BigPanda has 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 over the last six months.
BigPanda helps companies in a wide range of industries – from retail to technology to media – drive revenue and keep customers happy by minimizing or preventing painful IT service disruptions in the first place. BigPanda’s customer list includes leading companies such as Gap, News Corp, Caesars, PayPal and Wix.
New Strategic Partnership
BigPanda announced the signing of a new technology integration partnership with team collaboration software company Atlassian (TEAM) BigPanda’s integration with Atlassian products JIRA, HipChat and Bitbucket helps IT Ops teams keep up with their monitoring stack. BigPanda enables users of JIRA to automatically create tickets based on intelligent correlated incidents, helping them save time, reduce errors, and get a real-time view of what’s going on.
In addition, BigPanda has announced an enhanced partnership with ServiceNow (NOW) The two companies have teamed up on an updated integration that helps focus IT Ops teams on addressing the right issues faster-with results of up to 86 per cent lower mean recovery time (MTTR) The updated version of BigPanda for ServiceNow, unveiled at the ServiceNow’s Knowledge16 conference in Las Vegas, is now available as a free download in the ServiceNow Store.
BigPanda About
BigPanda’s mission is to keep businesses running by improving the way 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 transform them into actionable insights. Founded in 2012, the company is supported by Sequoia Capital, Mayfield and Battery Ventures. BigPanda is based in Palo Alto, California. Visit www for more information Big Pand Io or follow BigPanda on Twitter at @bigpanda
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