To support the evolving technical management needs in the business world, AIOps solution company Big Panda has developed a comprehensive platform to completely manage data sources from a single source. The growing demand for its data management services recently inspired investors to support the company’s development, by providing $190 million in new investment funding. Big Panda’s latest investment round was led by Advent International, Insight Partners, as well as additional support from previous investors. As a result of this new injection of capital, Big Panda’s valuation has been raised to $1.2 billion.
“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.
According to sources with the company, the new funding will primarily be used to further expand AIOps capabilities, fuel product development, and support strategic acquisitions. The company also intends to expand its marketing reach, and develop new sales and customer success strategies.
“In the age of Covid, it’s impossible to conduct commerce without a strong digital presence. This reality has fueled demand for solutions that make managing complex digital environments easier,” added Eric Noeth, Partner at Advent International. “We could not be more excited to partner with BigPanda as the leader in the increasingly critical AIOps space.
It’s somewhat unsurprising Big Panda is receiving so much love from investors, considering the company’s impressive sales growth over the last year (a 155% increase), as well almost doubling its customer base since 2019. Considering how important data management will become in the post-pandemic economy, Big Panda’s management platform and product portfolio could become highly desirable investments for companies using a diverse range of IT resources.