Two index components, BigPanda and Qumulo, have lowered their internal valuations below $1 billion in recent weeks, as disclosed by Employee Plan Exemption Notices (EPENs) filed with California.
BigPanda, an AI-driven IT incident management platform, filed an EPEN effective August 7, 2024, which disclosed a common share price of $0.57, lower than its share price of $0.87 disclosed in its August 28, 2023, EPEN filing. The company last raised $127.7 million in a Series E in 2022, which valued the company at $1.25 billion. The August 7th filing puts BigPanda’s valuation at roughly $839 million. Investors include UBS, Wells Fargo, Advent International, Insight Venture Partners, Sequoia, Mayfield Fund, Battery Ventures, Glynn Capital, TPG Growth, and Greenfield Capital Partners.
Qumulo, a scalable file data platform provider, filed an EPEN effective August 15, 2024, which disclosed a common share price of $3.23, lower than its share price of $5.58 disclosed in its July 1, 2022, EPEN filing. The company last raised a $112.23 million Series E in July 2020, which valued the company at approximately $1.14 billion. The August 15th filing implies an internal valuation of roughly $661 million. Investors include BlackRock, Highland Capital Partners, Madrona Venture Group, Kleiner Perkins, and Amity Ventures.