Unicorn BigPanda lays off 13% of workforce
Unicorn BigPanda lays off 13% of workforce
The Israeli company, which raised $190 million at a $1.2 billion valuation last year, is parting ways with around 40 employees in total
BigPanda, which develops AIOps event correlation and automation solutions, has laid off 13% of its workforce, a total of around 40 employees.
“In light of the current macroeconomic environment, BigPanda is announcing today that we are streamlining and restructuring our company to better execute on our mission,” co-founder and CEO Assaf Resnick wrote on the company’s website last week. “We are doing this now to ensure that we have a solid financial runway to continue investing in the fast-growing enterprise AIOps market for many years to come.”
Resnick also announced that as part of the restructuring, the company has appointed a new Chief Customer Officer (Joanna Johnston) and a new Chief Marketing Officer.
“We are positioning our company for even greater financial strength, by significantly lowering our annual burn rate on top of our recent $207 million fundraising activity,” added Resenick. “To be clear, these changes will have no impact on our company vision and core product strategy. We’re still committed to providing an open data platform that provides comprehensive service intelligence and automation, with a fast and easy customer experience – all delivered on an enterprise-grade platform. This mission and strategy remain the same.”
BigPanda was founded in 2011 by Resnick and Elik Eizenberg and provides an AIOps Event Correlation and Automation platform that enables IT Operations teams to automate incident management.
Its investors include UBS, Wells Fargo, Advent International, Insight Partners, Sequoia Capital, Mayfield, Battery Ventures, Glynn Capital, Mayfield, Greenfield Partners, and Pelion.
