AIOps startup BigPanda raises Series E extension, bringing its total capital to $340M
BigPanda, a startup developing AI to audit changes in IT environments and recommend how to fix them, has raised $20 million in an extension of its Series E round. UBS Next and Wells Fargo Strategic Capital contributed to the tranche, bringing BigPanda’s total raised to $340 million. The company’s valuation remains unchanged at $1.2 billion.
As my colleague Christine Hall recently reported, BigPanda works to prevent corporate network outages by analyzing data from observability and monitoring services. The platform can automate aspects of incident response, like ticketing, and optionally connect to third-party runbook automation tools to run automated workflows. BigPanda also provides analytics to track incident trends and metrics and to enable teams to measure progress toward company goals.
BigPanda was founded in 2012 by Assaf Resnick and Elik Eizenberg. Resnick was an analyst at Moody’s before becoming a principal at Sequoia Capital and a member at Jibe Ventures. Eizenberg, formerly head of IT operations at IDF, worked on algorithms and software at stock-trading startup MarketWindows prior to joining BigPanda.
“In 2011, Eizenberg and I had launched an adtech company built on a very modern and sophisticated cloud infrastructure,” Resnick told TechCrunch via email. “However, like many companies, we started running into issues keeping services running in that complex environment. With more monitoring data than we could humanly process, and yet no insights as to what was causing performance issues or outages, we quickly built a tool to help them identify incidents as they were happening. That’s when we realized there was a bigger unmet need we wanted to solve.”
Resnick believes the capital infusion — particularly during this
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