BigPanda Inc., a Mountain View, CA-based provider of Algorithmic Service Operations solutions for enterprise IT, raised an additional $23m in Series B funding.
This expands the round to a total of $49m. Greenfield Partners, a partnership backed by TPG Growth, led the Series B with further participation from existing investors Sequoia Capital, Battery Ventures and Mayfield.
Led by Assaf Resnick, CEO, BigPanda provides a cloud platform that employs machine learning to process large volumes of alert traffic from fragmented clouds, applications and IT monitoring tools down to a manageable number of incidents for faster resolution by IT Service Operations teams. BigPanda is targeting the $23B IT Operations Management market, with a primary focus on two market segments:
– Replacing legacy solutions for IT Event Management from vendors such as IBM, BMC, CA and HP – which are no longer suitable solutions for modern and highly dynamic IT environments, and
– Automating manual and inefficient IT Service Operations for enterprises that are struggling to keep up with high growth rates or the demanding requirements of digital transformation.
The solution is used by large enterprises such as Intel, Workday, News Corp, Macy’s, and Cisco.