BigPanda, a data science platform that uses AI and machine learning to quickly detect IT problems in real-time and curtail them before they become full-blown network outages, announced on Thursday that it raised $50 million in a Series C funding round of funding led by Insight Partners, with participation from existing investors Sequoia, Battery Ventures, and Mayfield.
Founded in 2012 by company CEO Assaf Resnick and R&D VP Elik Eizenberg, BigPanda says it intelligently clusters IT alerts into high-level incidents so users can reduce alert noise and spot critical issues faster.
The company said it a statement that it will use the funding to help enterprises successfully adopt AIOps, its autonomous operations platform, in their IT Operations, Network Operations Center (NOC), and DevOps teams. Its client list includes Intel, TiVO, and Warner Media which “rely on BigPanda to reduce their operating costs, improve service availability and performance, and de-risk and accelerate their digital transformation initiatives.”
“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 Resnick. “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.”
“BigPanda is helping enterprises everywhere tackle a widespread and growing problem of frequent, long, and painful outages that affect users and customers,” said Lonne Jaffe, managing director at Insight Partners 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 is based in Mountain View, California and has an R&D center in Tel Aviv which is set to expand over the coming year, the company said.
The latest investment brings BigPanda’s total funding to more than $120 million.
Earlier this year, the company was named among Forbes’ 50 “most promising” artificial intelligence companies in the US, alongside nine other Israeli-founded ventures.