Extension of BigPanda’s Funding Round Expands AIOps Innovation

BigPanda, Inc., an AIOps platform for IT data insights and action, is announcing an extension of its funding round, which was previously announced in January. The extension is a result of consumer demand for BigPanda, enabling an accumulation of new investments from current customers UBS and Wells Fargo; these investments are made through UBS Next, UBS’s venture and innovation unit, and Wells Fargo Strategic Capital.

"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.”

The funding by UBS Next and Wells Fargo Strategic Capital bolsters BigPanda’s enterprise goals, allowing for further innovation of its AIOps functions, expanding the size of its R&D, product, and machine learning teams, and enabling strategic acquisitions, according to the company. Backed by BigPanda’s newly built-out sales, marketing, customer success, and partnership teams, and their increased presence in EMEA, the company is scaling go-to-market activities as of the investment.

Investment in BigPanda comes after growing demand, evidenced by the enterprise’s stellar records in 2021, according to the company. During that year, sales (net new ARR) increased by 155% year-over-year, net dollar retention grew to 122%, customer numbers grew to a new record, there was a 5x year-over-year increase in $1M-plus deals, and internal growth rose by 105%, according to the company.

“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.”

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