This news comes on the heels of its Series D round. It plans to use the funds to enhance its technology and increase its headcount. Here are the top-line bullets you need to know.
BigPanda, an autonomous operations platform, has raised $190M in a Series D. The round drew participation from Advent International and Insight Partners, among others.
HOW’S THE COMPANY PERFORMING?
- California-based BigPanda helps TechOps teams automate incident management.
- BigPanda’s annual recurring revenue (ARR) grew 155% year-over-year in 2021.
- The startup has nearly doubled its client base since 2019. Some of its major customers include Fortune 500 companies like Intel, Cisco, Abbott Laboratories, Marriott, and Expedia.
- BigPanda is supported by a team of 290 employees, up 104% over the past 2 years.
- The company has 5 offices across the US and Israel, and it plans to open an office in London in the near future.
WHY DOES THE MARKET MATTER?
- The global AIOps (artificial intelligence in IT operations) market is expected to reach a value of $645B by 2030, growing at a CAGR of 37.9%, according to Allied Market Research.
- The widespread adoption and acceleration of digital service delivery amid the pandemic have driven up demand for AIOps solutions.
- According to BigPanda’s 2021 AIOps Benchmark Report, over 90% of enterprises have already invested in the technology or plan to do so soon.