By Chris Metinko,

San Francisco-based BigPanda, which helps IT departments keep their digital services running, hit a valuation of $1.2 billion after a $190 million raise that mints the company as one of the first unicorns of 2022.

The new round was led by Advent International and Insight Partners, with participation by other existing investors. Founded in 2012, the company has raised more than $310 million, according to Crunchbase data.

BigPanda competes in what it calls the “AIOps market.” With its AI-enhanced platform, companies can automate incident management tasks and prevent IT outages—something that has become crucial as businesses have increased their digital services during the COVID-19...