UBS, through its strategic venture and innovation arm UBS Next, has made an undisclosed investment in BigPanda, an artificial intelligence IT operations (AIOps) platform.
BigPanda’s AIOps platform is designed to use machine learning to forecast, identify and address incidents within the complex IT systems.
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It also helps in managing incidents automatically in order to allow systems to stay up and keep functioning, enabling companies to cut expenses, improve service availability as well as boost transparency and speed up IT operations.
UBS Group chief digital and information officer Mike Dargan said: “We’re excited to build on our relationship with BigPanda through this investment, helping drive digital disruption and innovation in AIOps.
“By increasing transparency and leveraging technology to automate key processes, companies can reduce downtime and focus on developing new products and services for clients.”
BigPanda tweeted that it will use the investment to increase the size of its R&D team, product and machine learning teams, and make strategic acquisitions.
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By GlobalDataBigPanda CEO and co-founder Assaf Resnick said: “As companies increase their dependence on technology as an enabler and differentiator, and ultimately change how they deliver their products and services to clients, it has become even more important for them to ensure their IT operations platforms run smoothly.
“UBS is an early adopter of AIOps in the financial services industry and similarly sees the power emerging technology can have on their operations to deliver a best-in-class client experience.”
With the investment, UBS aims to provide customers and businesses with additional digital services that seek to change the face of financial and banking industry.
With a portfolio of $200m, UBS Next invests and collaborates with early-stage fintech and tech start-ups.
The unit also operates an incubator to help news ideas to translate into feasible businesses.
In addition, BigPanda stated that Wells Fargo Strategic Capital also took part in the extended funding round.
