BigPanda 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
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