SAN FRANCISCO, Aug. 17, 2022 (GLOBE NEWSWIRE) -- BigPanda, Inc., the leader in AIOps Event Correlation and Automation, today announced an extension of the funding round the company announced in January, with new investments from existing customers UBS and Wells Fargo. The investments in BigPanda have been made through UBS Next, UBS’s venture and innovation unit, and Wells Fargo Strategic Capital.
“By increasing transparency and leveraging innovative technology to automate the incident management process, companies – including UBS – can reduce downtime and focus on developing new products and services for clients,” said Mike Dargan, UBS Group Chief Digital and Information Officer. “Through UBS Next, we’re excited to build on our relationship with BigPanda, continuing to drive digital disruption and innovation, and delivering a client experience that is personalized, relevant, on-time and seamless.”
“Modern IT operations are becoming increasingly complex as organizations transition from legacy on-premise infrastructure into multi-cloud environments, which calls for multiple observability tools that generate their own alerts,” said Mike Brady, head of Technology Infrastructure for Wells Fargo. “Wells Fargo leverages BigPanda AIOps to prioritize alerts and simplify an otherwise costly process. We look forward to seeing how BigPanda will continue to innovate their AIOps capabilities, and Wells Fargo is excited to support its next phase of development with this investment.”
This latest infusion of cash will allow BigPanda to continue to innovate its best-in-class AIOps capabilities, increase the size of its R&D, product and machine learning teams, and move forward with strategic acquisitions. BigPanda is already scaling go-to-market activities, as evidenced by newly built-out sales, marketing, customer success and partnership teams, along with a growing presence in EMEA.
"Every BigPanda customer is an investor in our business, and every investor helps us to serve more customers," said Assaf Resnick, co-founder and CEO of BigPanda. “We are grateful to UBS and Wells Fargo for their confidence and trust. Their investments help us accelerate the pace at which we are bringing AIOps to the market and helping the world’s most complex enterprises to digitize and automate their operations.”
Demand for BigPanda AIOps Continues
This extended funding round comes as demand continues to build for BigPanda, following a banner 2021. Highlights from last year include:
- Sales in 2021 (net new ARR) increased 155% year-over-year
- Net dollar retention grew to 122% on a last-12-months basis, driven by Fortune 5000 customers rapidly increasing usage of the BigPanda platform across their entire global footprint
- New record across 2021 for the number of existing customers who expanded their BigPanda footprint
- A 5x year-over-year increase in $1 million-plus deals
- Internal growth of 105% in new employee hires over the past two years
About BigPanda
BigPanda keeps businesses running with AIOps that transforms IT data into insight and action. With BigPanda’s AIOps platform, businesses prevent IT outages, improve incident management and deliver extraordinary customer experiences. Without BigPanda, IT Ops, NOC, and DevOps teams struggle with a tsunami of data and highly-manual, reactive incident response processes that are poorly suited for the scale, complexity and velocity of modern IT environments. This results in painful outages, unhappy customers, growing IT headcount and the inability to focus on innovation.
BigPanda’s AIOps Event Correlation and Automation platform helps Fortune 5000 enterprises such as Intel, Cisco, United, Abbott, Marriott and Expedia take a giant step towards Autonomous IT Operations. BigPanda is backed by Advent International, Insight Partners, Sequoia Capital, Mayfield, Battery Ventures, Glynn Capital, Mayfield, Greenfield Partners and Pelion. Visit www.bigpanda.io for more information.
About UBS Next
UBS Next invests in and partners with early-stage fintech and tech start-ups and runs an incubator for innovation projects to convert ideas into viable businesses. The unit is responsible for enabling innovation across UBS to find new and effective ways to engage clients and deliver premier services using the latest technologies. UBS Next is funded exclusively by UBS, which convenes the global ecosystem for investing, where people and ideas are connected and opportunities brought to life, and provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as to private clients in Switzerland. UBS Group AG employs more than 72,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
About Wells Fargo Strategic Capital
Wells Fargo Strategic Capital, a subsidiary of Wells Fargo & Company, provides long term capital in the form of equity and/or debt to current and prospective business customers, commercial partners of Wells Fargo, as well as approved Small Business Investment Company (SBIC) funds. Wells Fargo Strategic Capital’s Merchant Banking team focuses primarily on private companies across a wide range of industries, providing creative financing solutions that fund growth and other capital needs. Wells Fargo Strategic Capital has approximately 50 team members across the United States and holds over 180 portfolio investments.
Media contact:
Sammy Totah
BOCA Communications for BigPanda
bigpanda@bocacommunications.com
