BigPanda is now valued at $1.2 billion after a new Series D round of $190 million.
Insight Partners and other existing investors are joining Advent. The company received $317 million in total funding, according to the data.
BigPanda is cementing its leadership in event correlation and automation, according to Assaf Resnick, the company's co-founder and CEO. IT operations teams can be proactive about their response processes with the help of the company's technology.
It has been nearly eight years since we checked in on BigPanda, and the company has changed a lot since then.
Resnick said that the digital transformation has penetrated every part of the life. More people trust automated processes. With all of the data flowing, it is nearly impossible for people to keep up with it.
BigPanda wants to bring order to IT.
BigPanda decided to go after additional funding to meet the demand because of the pace of innovation and how companies were spending more of their mission critical resources on putting out fires. Resnick said that the company was strong in the third quarter and decided to go for more funding in the fourth quarter.
The market was speeding up beyond what we thought. When looking at the total available market, we realized that our customers were 1% of the market, and that we didn't have enough people to keep up with the data.
Resnick said that it made sense to take on the $190 million because BigPanda was at the beginning of a relationship with Advent.
The company had good traction in the market before the new round. The fourth quarter set a record for number of new customers added in a single quarter with nearly two times the growth since 2019. BigPanda saw a five-time year-over-year increase in deals valued at over $1 million last year, as it grew its footprint with existing customers. Over the past two years, its team doubled.
He said that the new funding will allow the company to focus more on international markets. The company already has an office in London and will be investing more there as it targets mid-market companies.
Increasing the size of its machine learning, product and R&D teams, as well as giving it some capital for strategic acquisition opportunities are some of the things the funding will go toward.
Eric Noeth, a partner at Advent, will join BigPanda's board of directors, as well as a former chief operating officer of VMware, who will join as a strategic advisor.
BigPanda's name kept rising to the surface, especially as more companies used technology, but did not have the manpower to manage all of the data events coming through.
He said it was remarkable to find a company with such admiration from competitors and customers. There is a big moment for Artificial Intelligence. COVID changed technology, but now you have a massive tailwind around digital, and that is still in its infancy. The cross sectors of customers all have the same problem of resolving issues quickly. BigPanda has been driven by that tangible use case.
Resnick and Noeth both say that the scarcity of talent is hitting company chief information officers, who are trying to keep the lights on without getting in the way of innovation.
Resnick said that it wouldn't make sense to invest more money and talent in that area. You have to automate.
Artificial intelligence can be applied to small data problems.
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