Israeli big data startup BigPanda has added $5 million to its Series B financing round for a total of $21 million. The Series B round included participation from Sequoia Capital, Battery Ventures, Mayfield and new investor Pelion Venture Partners. BigPanda had developed an Alert Correlation Platform that turns the huge volumes of IT data and alerts into consolidated insights for businesses.
BigPanda said that it had doubled its customer base in the last six months and signed new strategic partnerships to fuel growth.
Established in 2012 by CEO Assaf Resnick and VP R&D Elik Eizenberg, the company has set up headquarters in Palo Alto, California and maintains its development center in Tel Aviv. The company has raised $30 million to date. BigPanda will use the funding to expand its data science platform to further address the data explosion in IT and grow its US team.
Resnick said, “Today’s IT Ops teams are facing a deluge of data every single day, and noise levels are at an all-time high. As the scale, complexity and agility of modern infrastructure and applications accelerate, the problem will only get worse. Our goal is to make it easier for IT Ops teams to quickly detect and resolve issues to prevent harmful service downtime, which can cost companies thousands of dollars per minute and reduce customer satisfaction.”
Published by Globes [online], Israel business news - www.globes-online.com - on May 18, 2016
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