IT Management Company BigPanda Raises $23 Million

IT management company BigPanda Inc. has added an additional $23 million to its Series B funding bringing it to $49 million, the company announced Wednesday. Greenfield Partners, a joint venture between global asset firm TPG's investment arm TGP Growth and Israel-born entrepreneur Yuda Doron, led the funding round. Also participating in the round are existing investors venture capital firm Sequoia Capital, venture capital firm Battery Ventures and Menlo Park, California-headquartered venture capital firm Mayfield.

Established in 2012 and headquartered in Mountain View, California, BigPanda's service uses machine learning to aggregate multiple data sources and alerts into specific, manageable issues for enterprise IT teams. Customers include Intel, management software distributor Workday Inc., Turner Broadcasting, Macy’s and Cisco, among others.

The company employs around 80 people, according to LinkedIn data.

“Across industries and geographies, companies are searching for ways to efficiently and accurately keep up with the growing demands of managing modernized data centers," said Greenfield partner Shay Grinfeld.

“IT Service Operations teams - whose job it is to manage mission-critical applications and infrastructure - struggling to catch up and keep their businesses running smoothly,” said BigPanda CEO Assaf Resnick.

The company intends to use the current funding to expand their business and product development.