BigPanda extends funding round with investments from UBS Next and Wells Fargo Strategic Capital

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SAN FRANCISCO, Aug. 17, 2022 (GLOBE NEWSWIRE) — BigPanda, Inc., the leader in AIOps event correlation and automation, today announced an expansion of the funding cycle the company announced in January, with new investments from existing clients UBS and Wells Fargo. Investments in BigPanda were made through UBS Next, the venture capital and innovation unit of UBS, 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 customers. customers,” said Mike Dargan, UBS Group Chief Digital and Information Officer. “With UBS Next, we are excited to strengthen our relationship with BigPanda, to continue to drive digital disruption and innovation, and to deliver a personalized, relevant, timely and seamless client experience.”

“Modern IT operations are becoming increasingly complex as organizations move from legacy on-premises infrastructure to multi-cloud environments, requiring multiple observability tools that generate their own alerts,” said Mike Brady, Head of Technology Infrastructure for Wells Fargo. “Wells Fargo relies on BigPanda AIOps to prioritize alerts and simplify an otherwise costly process. We look forward to seeing how BigPanda will continue to innovate its AIOps capabilities, and Wells Fargo is excited to support its next phase of development with this investment.

This latest cash injection will allow BigPanda to continue to innovate its best AIOps capabilities, increase the size of its R&D, product and machine learning teams, and move forward with strategic acquisitions. BigPanda is already expanding its go-to-market activities, as evidenced by newly formed sales, marketing, customer success and partnership teams, as well as a growing presence in the EMEA region.

“Every BigPanda customer is an investor in our business, and every investor helps us serve more customers,” said Assaf Resnick, co-founder and CEO of BigPanda. “We are grateful to UBS and Wells Fargo for their confidence. Their investments are helping us accelerate the pace at which we bring AIOps to market and help the world’s most complex companies digitize and automate their operations.

Demand for BigPanda AIOps continuesThis extended funding round comes as demand continues to grow for BigPanda, following a 2021 banner. Highlights from the past year include:

  • 2021 sales (net new ARR) increased 155% year over year
  • Net dollar retention increased to 122% in the last 12 months, driven by the rapid increase in use of the BigPanda platform by Fortune 5000 customers across their global footprint
  • New record in 2021 for the number of existing customers who have extended their footprint BigPanda
  • A 5x year-over-year increase in deals over $1 million
  • 105% organic growth in new hires over the past two years

About BigPandaBigPanda enables businesses to operate with AIOps which transforms IT data into insights and action. With BigPanda’s AIOps platform, enterprises prevent IT outages, improve incident management, and deliver extraordinary customer experiences. Without BigPanda, IT Ops, NOC, and DevOps teams grapple with a tsunami of data and highly manual, reactive incident response processes that are ill-suited to the scale, complexity, and speed of modern IT environments. . This results in painful outages, unhappy customers, increased IT staff, and an inability to focus on innovation.

BigPanda’s AIOps event automation and correlation platform helps Fortune 5000 companies such as Intel, Cisco, United, Abbott, Marriott, and Expedia take a giant leap towards autonomous IT operations. BigPanda is backed by Advent International, Insight Partners, Sequoia Capital, Mayfield, Battery Ventures, Glynn Capital, Mayfield, Greenfield Partners and Pelion. Visit www.bigpanda.io for more information.

About UBS NextUBS Next invests in and partners with early-stage fintech and technology start-ups and runs an innovation project incubator to turn ideas into viable businesses. The unit is responsible for enabling innovation within UBS to find new and effective ways to engage clients and deliver best-in-class services using the latest technologies. UBS Next is funded exclusively by UBS, which brings together the global investment ecosystem, where people and ideas are connected and opportunities are realized, and provides advice and financial solutions to high net worth, institutional and corporate clients worldwide. worldwide, as well as to private customers in Switzerland. UBS Group AG employs more than 72,000 people worldwide. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

About Wells Fargo Strategic CapitalWells Fargo Strategic Capital, a subsidiary of Wells Fargo & Company, provides long-term capital in the form of equity and/or debt to current and potential commercial customers, Wells Fargo business partners, and small businesses in approved investment (SBIC) funds. Wells Fargo Strategic Capital’s Merchant Banking team focuses primarily on private businesses across a wide range of industries, providing creative financing solutions that fund growth and other capital needs. Wells Fargo Strategic Capital has approximately 50 team members across the United States and holds more than 180 portfolio investments.

Media contact:Sammy TotahBOCA Communications for BigPanda[email protected]

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Source: Big Panda

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