Israeli unicorn club welcomes its new member. BigPanda, the developer of an AIOps event correlation and automation platform, has raised $190 million at a valuation of $1.2 billion.
BigPanda is the third startup to join the Israeli unicorn club in the first days of January 2022.
BigPanda funds were raised in two rounds over the course of a month and a half in the fourth quarter of 2021. At first, $70 million in a round led by Insight Partners and then raised another $120 million led by Advent International.
Additionally, investors bought shares worth tens of millions of dollars from early employees and investors.
Other investors include Sequoia Capital, Mayfield, Battery Ventures, Glynn Capital, Greenfield Partners, and Pelion
Founded in 2011 by Assaf Resnick and Elik Eizenberg, the BigPanda platform based on data science which enables the centralization and correlation of information technology alerts. It enables IT teams to detect and fix significant issues more quickly by automatically correlating enormous volumes of IT alerts from scattered clouds, apps, services, and systems. BigPanda allows users to minimize alert noise and quickly identify serious concerns.
Eric Noeth, a partner at Advent, will join the board of directors of BigPanda, while Sanjay Poonen, formerly President of SAP and COO of VMware, will serve as a strategic advisor.
Over the last two years, BigPanda has more than doubled its staff base, with 100 people in Tel Aviv and 200 in the United States. It is now recruiting 30 workers for its Israel-based research and development department.
BigPanda helps Fortune 500 enterprises such as Intel, Cisco, Abbott, United, Expedia, and Marriott.
The company reported its sales in 2021:
Sales in 2021 (net new ARR) grew by 155% on a year-over-year basis
Gross dollar retention was 97% on a last-12-months basis, showcasing world-class retention and value realization among customers.
Net dollar retention was 122% on a last-12-months basis, driven by Fortune 2000 customers rapidly increasing their usage of BigPanda across their entire global footprintQ4
Q4 2021 set new records for the number of new customers added in a single quarter, and nearly doubling the customer base since 2019
2021 also set records for the number of existing customers who expanded their BigPanda footprint
BigPanda had a 5x year-over-year increase in $1M+ dealsBigPanda’s customer success team onboarded more customers in 2021 than any previous year
Total revenue flowing through the channel tripled, and the total number of deals generated by BigPanda’s channel partners more than doubled in 2021
BigPanda also grew by 104% in new employee hires in the last two years
Over 1500 IT Ops professionals, including 250 BigPanda customer users, engaged in regional field events and the annual IT Ops community conference, RESOLVE
“The need among IT Operations teams for AI-powered insights and automation has exploded in recent years,” said Assaf Resnick, co-founder and CEO of BigPanda.
“The scale of the digital economy is rapidly growing. At the same time, enterprise adoption of cloud and cloud-native environments has reached a tipping point. This has placed a huge burden on IT Operations teams in terms of the growing scale and complexity of the IT data that must be consumed and responded to in order to keep digital businesses running. These teams are turning to BigPanda for help.”