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With IT moving to the cloud, it’s creating different types of new challenges in the ability of enterprises to keep their digital services running. The shift to the cloud has led to orders of magnitude and more IT data in terms of scale, velocity, and so on. IT engineers are drowning in a growing tsunami of IT data and finding it difficult to manage IT incidents.
It’s when BigPanda comes into the picture. The US-based startup uses AI to help ITOps keep up with this massive wave of IT data. It helps organizations automate and scale their ability to keep up with evolving IT landscape. Let’s read further to uncover more about BigPanda, from its startup story to its growth.
BigPanda – Company Highlights
| Company Name | BigPanda |
|---|---|
| Headquarters | Redwood City, California, United States |
| Sector | Artificial Intelligence in IT Operations (AIOPs) |
| Founders | Assaf Resnick and Elik Eizenberg |
| Founded | 2012 |
| Valuation | $1.2 billion (2022) |
| Website | Bigpanda.com |
About BigPanda
BigPanda – Industry
BigPanda – Founders and Team
BigPanda – Startup Story
BigPanda – Mission and Vision
BigPanda – Business Model
BigPanda – Revenue Model
BigPanda – Products and Services
BigPanda – Challenges Faced
BigPanda – Funding and Investors
BigPanda – Growth
BigPanda – Marketing Strategies
BigPanda – Partners
BigPanda – Awards and Achievements
BigPanda – Competitors
About BigPanda
BigPanda is a California-based company enabling its customers to organize and mobilize the world’s DevOps and ITOps data. The company’s Incident Intelligence and Automation Platform, powered by AIOps, helps small, medium, and large organizations keep business running by preventing service outages and improving incident management to deliver exceptional customer experiences. With the BigPanda platform, ITOps, NOC, and DevOps teams can detect, investigate, and resolve IT incidents faster and more easily.
PlayStation, IHG, London Stock Exchange, GoTo, AutoDesk, PayPal, LUCID, Upwork, and Alaska Airlines are some leading enterprises trusting BigPanda.
BigPanda – Industry
Artificial Intelligence in IT Operations (AIOps) market size is poised to reach $33.8 billion by 2032, with a CAGR of 18.20% during the forecasted period. The market is growing faster due to the rising demand for AI-based services in IT operations.
Key participants in the industry are IBM Corporation, Splunk, Cisco Systems Inc., Elastic, and Dynatrace Inc.
BigPanda – Founders and Team
Assaf Resnick and Elik Eizenberg are the co-founders of BigPanda.
Assaf Resnick
Assaf Resnick is the Co-founder and CEO of BigPanda. He completed B.Sc. in Business Administration from the University of California, Berkeley, Haas School of Business. Before co-founding BigPanda, Assaf was an investor at Sequoia Capital and Crew Member at Jibe Ventures.
Elik Eizenberg
Elik Eizenberg is the Co-founder of BigPanda. He holds a degree in Computer Science from The Hebrew University of Jerusalem. Elik has worked on Algorithmic Trading Hedge Fund at Stealth and CTO at BigPanda.
BigPanda Team
- Ed Tang – Chief Financial Officer
- Fred Koopmans – Chief Product Officer
- Jason Walker – Chief Technology Officer
- Rick Underwood – Chief Revenue Officer
BigPanda is a team of approximately 300 employees.
BigPanda – Startup Story
BigPanda was co-founded by Assaf Resnick and Elik Eizenberg in 2012. With organizations taking transformative initiatives like shifting to the cloud or adopting new technologies and operating models, enterprise IT Ops, NOC, DevOps, and SPE teams were managing environments at an unprecedented scale, complexity, and velocity.
Moreover, to keep up, organizations have been trying to automate IT operations for years. But that automation was based on rules and dependency models programmed by hand, resulting in higher costs, slower time to value, and inability to keep up with rapid change.
Assaf and Elik were frustrated that IT Ops was still held captive by these rules-driven solutions and overly manual processes. However, they knew that Machine Learning could come to help. Therefore, they came up with the idea of launching BigPanda in 2012. After two years, the company came out of stealth mode, took its SaaS product out of beta, and raised Series A funding.
In 2015, BigPanda launched AutoShare Feature. And Service Health and Analytics and DevOps tools were launched in 2016. Two years later, in 2018, the company achieved SOC 2 Type II Security attestation. It expanded AIOps capabilities and launched Root-Causes Changes in 2019. Furthermore, BigPanda achieved AWS DevOps Competency status in March 2020 and launched Automatic Incident Triage a year later. It launched New Data Engineering capabilities in February 2023.
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BigPanda – Mission and Vision
The mission of BigPanda is to keep businesses running by automating and scaling their ability to manage the explosion of IT data they face daily. Additionally, the company aims to support its employees by giving them a career path within BigPanda and the opportunity to develop their skills and expertise across different functions.
BigPanda – Business Model
BigPanda’s AI-powered ITOps platform automates IT incident management. It aggregates, normalizes, and enriches events collected from fragmented tools and correlates that data into actionable insights with AI.
The platform allows clients to detect incidents as they form, in real-time, before they escalate into outages. BigPanda provides multiple tools to isolate the IT incident’s root cause quickly. Moreover, it streamlines incident response with automatic incident triage, bi-directional ticketing, and notifications.
By deploying BigPanda, organizations can reduce their IT operating costs by at most 50% and MTTR by 50% or more. Moreover, the platform compresses alerts by 95%, identifies critical alerts in the 30s, and saves up to 20 hirs per IT incident.
BigPanda – Revenue Model
BigPanda offers four Professional Services Packages – ‘Silver,’ ‘Gold,’ ‘Platinum,’ and ‘Custom,’ based on clients’ immediate and long-term strategy, the enterprise’s unique operational process, and the complexity of the environment.
BigPanda – Products and Services
BigPanda’s product line comprises Alert Intelligence, Incident Intelligence, Generative AI, Workflow Automation, Unified Analytics, Integrations, and Platform Components, such as Open Integration Hub, Open Box Machine Learning, Root Cause Changes, and more.
What is BigPanda?
BigPanda – Challenges Faced
In April 2023, BigPanda announced its streamlining and restructuring of the company and, thus, reduced its workforce by 13%. Moreover, the company announced that the executive leadership team will take a pay cut for the next 12 months.
BigPanda – Funding and Investors
BigPanda has raised $337 million in funding over 8 rounds to date. Its latest funding round – Series E Round, was completed on August 17, 2022, helping the company to raise $20 million. Sequoia Capital Israel led its initial seed funding on January 1, 2013. Some prominent investors fund the company, including Insight Partners, Sequoia, Battery Ventures, Wells Fargo, Glynn Capital, and Mayfield.
| Date | Round | Number of Investors | Money Raised | Lead Investor |
|---|---|---|---|---|
| August 17, 2022 | Series E | 2 | $20 million | UBS, Wells Fargo Strategic Capital |
| January 12, 2022 | Series D | 3 | $190 million | Advent International Insight Partners |
| November 21, 2019 | Series C | 5 | $50 million | Insight Partners |
| November 1, 2017 | Series B | 6 | $49 million | Greenfield Partners |
| May 17, 2016 | Series B | 4 | $5 million | – |
| October 1, 2015 | Series B | 3 | $16 million | Battery Ventures |
| October 28, 2014 | Series A | 2 | $7 million | Mayfield Fund |
| January 1, 2013 | Seed Round | 1 | – | Sequoia Capital Israel |
BigPanda – Growth
BigPanda was valued at $1.2 billion in 2022 following the Series D round of $190 million, making it a unicorn company. Moreover, the sales in 2021 grew by 155% on a YOY basis, with net dollar retention of 122% on the last-12-month basis. In Q4 2021, the company witnessed a nearly doubled customer base since 2019.
In 2022, BigPanda had a 5x YOY increase in $1M+ deals, and employee hires grew by 104% in the last two years. However, it reduced 13% of its staff in 2023.
BigPanda – Marketing Strategies
After raising $7 million in Series A in 2014, BigPanda started creating content to increase brand awareness. Its first blog was about fundraising, and the second was about how its engineers used Ansible for continuous delivery. And later, in 2014, the company eventually started creating and promoting content across channels and increased its content velocity YOY.
Furthermore, between 2019 to 2021, BigPanda came up with two attractive content streams- magazines and comics – to provide a distinguished user experience. The company has around 36 magazines and 65 Hardnoclife comic strips.
BigPanda – Partners
BigPanda has partnered with the below-listed solution providers, system integrators, and technology alliances:
- Ahead
- AWS
- CDW
- Benchmark
- Resource9
- MLO
- Entisys 360
- Edge Solutions
- HCL
- Microsoft Azure
- XIGENT
- Yash Solutions LLC
BigPanda – Awards and Achievements
BigPanda is recognized by many leading industry experts:
- Recognized as a Strong Performer in Forrester’s Process-Centric AI for IT Operations report
- Won Leader Summer 2023 award by G2
- Won Top 50 IT Management Products G2 Best Software Awards 2023
- Named to Inc. Magazine’s Annual List of Best Workplaces in 2021
- Won the 2021 Silver Stevie Award for Sales and Customer Service
BigPanda – Competitors
Below listed are some main competitors of BigPanda:
- PagerDuty
- Splunk Technology
- Datadog
- Dynatrace
- AppDynamics
FAQs
What does BigPanda do?
BigPanda enables its customers to organize and mobilize the world’s DevOps and ITOps data. The company’s Incident Intelligence and Automation Platform, powered by AIOps, helps small, medium, and large organizations keep business running by preventing service outages and improving incident management to deliver exceptional customer experiences.
Who are the founders of BigPanda?
Assaf Resnick and Elik Eizenberg are the co-founders of BigPanda.
When was BigPanda founded?
BigPanda was founded in the year 2012.
Who are the main competitors of BigPanda?
The main competitors of BigPanda are PagerDuty, Splunk Technology, Datadog, Dynatrace, and AppDynamics.