AIOps event correlation and automation platform BigPanda has completed a new $190 million funding round led by Advent International and New York-based global venture capital and private equity firm Insight Partners, with participation by other existing investors, the company announced Wednesday.
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BigPanda is now valued at $1.2 billion, making it a newly-hatched unicorn.
The platform enables IT Operations teams to automate incident management and keep their digital businesses running smoothly. BigPanda's AIOps platform transforms huge volumes of IT data into actionable insight and automation.
The latest funding will enable BigPanda to continue to innovate on its AIOps capabilities by increasing the size of its machine learning, product, and R&D teams, as well as making strategic acquisitions. The funding will also be used to scale BigPanda's go-to-market activities.
Co-founder and CEO of BigPanda Assaf Resnick said, "The need among IT Operations teams for AI-powered insights and automation has exploded in recent years. 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."
