California and Israel-based BigPanda, a self-described data science platform that promises faster IT solutions to clients, has secured $16 million to expand. Battery Ventures led the Series B funding round and existing investors Sequoia Capital and Mayfield also participated. Scott Tobin from Battery will join the BigPanda board.
BigPanda streamlines troubleshooting by evaluating service disruptions with algorithms analyzing IT alerts from “fragmented clouds” and other applications. The company then identifies high-level requests and automates the detection, investigation, and outsourcing or collaboration necessary to solve these top priority tasks. It claims to be able to resolve issues 90% faster than their competitors, serving major corporate clients like News Corp., PayPal, Wix, Gap, and Cisco, among others. At this point, its prime competitors appear to be Moogsoft ($21.3 million raised in total) and PagerDuty ($39.8 million raised in total).
The company is all about speed according to CEO Assaf Resnick. He explained to Geektime, “When we first started, all of our competition put a large emphasis on customizing packages for customers which can take anywhere between six and 18 months to deploy. That doesn’t make sense these days. We need to give value in 15 minutes, not 15 months.”
The biggest challenge facing the IT industry is keeping up
A plethora of devices and solutions now produce analytics. Even if a company can put together a master analysis tool, that solution will need to accommodate newer devices and exponentially more data.
Resnick pointed to established brands like HP and IBM being dominant in an emerging “multibillion” dollar market, but that their corporate nature might make it difficult to recognize that smaller businesses need the ability to move faster.
“Our goal is to make it easy for businesses to quickly detect and resolve IT issues in order to minimize downtime and maximize customer satisfaction, both of which directly impact the bottom line,” Resnick told Geektime.
BigPanda is anticipating the need for speed with shifts to cloud computing to accommodate all the new information. Those gathering clouds are precipitating a storm, though, and according to Resnick the industry still needs to baton down the hatches.
“Ten years ago I had just one tool to manage all of my data, but fast forward to today and my data center has changed dramatically. The scale has expanded 100-fold. Their tools haven’t kept up. They just don’t provide the goods anymore.”
Ultimately, he sees a lot of opportunity in this complexity. “We came to the market because we understood the scale is crazy; it’s accelerating. We offer something that is extremely scalable. Even two years from now, with the general scale and complexity growing, our architecture will have everything to deal with it.”
The scale problem is one of the two major trends Resnick says the industry will have to contend with in the near future whether it is braced for the storm or not. Confidence in BigPanda’s solution notwithstanding, consumers and small businesses will have to absorb this fact in the coming months and years.
“Everyone knows scale is going out of control. My old way of doing things by throwing people at the problem at a machine-generated problem just isn’t working anymore. For meat-and-potatoes companies, virtually every company now is really a ‘software company’ reliant on increasingly complex software.”
The system is adaptable for a number of industries including retail checkouts and airline reservations.
“We’re not focusing on one specific vertical vs. another. If you’re running IT infrastructure in the cloud, you need a major tool to help.”
BigPanda is headquartered in Mountain View, California and maintains offices in Tel Aviv, Israel. CEO Assaf Resnick and R&D VP Elik Eizenberg co-founded the company in 2012. The startup will use the new infusion of financing, bringing the company’s total funding raised to date to $23 million, to double staff at its R&D center in Israel and to expand its sales and marketing team in the United States, going from 50 employees to over 100.
For more about BigPanda, watch this video.