BigPanda, an Israeli unicorn that develops an AIOps event correlation and automation platform, has raised an additional $15 million in new investments from existing customers UBS and Wells Fargo. This raise is an extension of the company’s $190 million raise made in January which at the time turned BigPanda into a unicorn – a startup worth at least $1 billion – with a $1.2 billion valuation.
AIOps is defined as the application of analytics and machine learning to big data for the purpose of automating and improving IT operations. The AI part of the name stands for artificial intelligence. It automatically analyzes enormous amounts of network and machine data in order to find patterns, and to identify the cause of existing complications. In doing so it can also predict and prevent problems from arising in the future.
Founded in 2011 by Assaf Resnick and Elik Eizenberg, the BigPanda platform is 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.
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Over the last few 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.
In 2021, BigPanda’s net new ARR grew by 155% on a year-over-year basis. Its gross dollar retention was 97% on a last-12-months basis. 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 footprint.