Israel’s unicorn club swells as BigPanda, Placer.ai enter with big cheques

 Israel’s unicorn club swells as BigPanda, Placer.ai enter with big cheques

BigPanda Inc, an Israeli AIOps, event correlation and automation startup, and analytics company Placer.ai have become the latest unicorns to come out of the West Asian nation after raising fresh funding.

BigPanda said in a statement it secured $190 million in a Series D round that valued it at $1.2 billion. The round was led by private equity firm Advent International through its technology fund and investment firm Insight Partners. The two investors were joined by existing backers.

Eric Noeth, partner at Advent, will join BigPanda’s board of directors. Sanjay Poonen, formerly president of SAP and COO of VMware, will join as a strategic advisor.

BigPanda provides an AIOps event correlation and automation platform that enables IT operations teams to automate incident management and keep their digital businesses running smoothly.

The company said the new money will enable it to increase the size of its machine learning, product, and R&D teams, as well as making strategic acquisitions. The funding will also be used to scale BigPanda’s go-to-market activities, by building out its sales, marketing, customer success and partnership teams.

Placer.ai

Placer.ai, which offers a location analytics and foot traffic data platform, said it has raised $100 million in a Series C round at a valuation of $1 billion.

This comes less than nine months after the company mopped up $50 million in a Series B round.

The company said the new round was led by Josh Buckley with participation from WndrCo, Lachy Groom, MMC Technology Ventures LLC, Fifth Wall Ventures, and Array Ventures.

Other investors in the round included commercial real estate operators including J.M. Schapiro (Continental Realty Corp), Eliot Bencuya and Jeff Karsh (Tryperion Partners), Daniel Klein (Klein Enterprises/Sundeck Capital), and Majestic Realty.

Placer.ai was founded in 2018 by CEO Noam Ben-Zvi, Zohar Bar-Yehuda, Oded Fossfeld and Ofir Lemel.

The rise of BigPanda and Placer.ai to the unicorn status comes just a day after another Israeli startup Pentera raised $150 million in a Series C financing round that vaulted it into the coveted club. The three companies join nearly three dozen Israeli companies that transformed into unicorns in 2021.

Aman Malik

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