SUMMARY
- Opkey has announced that it has secured $47 million in its Series B funding round led by PeakSpan Capital.
- The capital will be allocated towards technological enhancement, broadening its global market reach and invest in research and development.
- In its first funding round in 2022, Opkey secured $8 million led by Vertica Capital Partners.
Opkey, a leading AI platform for continuous test automation in enterprise systems, has announced that it has secured $47 million in its Series B funding round led by PeakSpan Capital.
This round also attracted support from both existing and new investors, including UST Global, Vertica, Vertical, and India’s YouNest.
This strategic investment is set to propel Opkey towards its goal of providing continuous assurance, streamlining cloud ERP transformation initiatives, enhancing technological progress, and nurturing an innovative culture. The capital will also be allocated towards expanding the company’s sales and marketing departments to broaden its global market reach and invest in research and development.
Furthermore, Opkey is expanding its engineering and AI research teams at its Noida and Bangalore research centers to develop a game-changing product.
Opkey CEO and co-founder Pankaj Goel said, “This funding will allow us to further enhance our technology and expand our reach, helping more organisations seamlessly migrate their legacy ERP systems to the cloud while ensuring continuous quality and performance, given its criticality to business outcomes.”
Companies that are modernizing their ERP systems often encounter a “SaaS mess,” a situation where numerous best-in-class applications demand ongoing updates and testing to ensure smooth business operations. By leveraging AI and machine learning, Opkey significantly cuts down the time and effort required for ERP testing. Its AI-driven assistant, Wilfred, which employs a unique GenAI Test Mining algorithm, generates tests that are customized to fit the specific needs of each client. This approach enables companies to speed up ERP updates by 50 percent and reduce defect rates by more than 70 percent.
“As thematic B2B software investors, we understand the criticality of ERP and other enterprise applications (e.g., HRIS, CRM), which represent significant investments and operate as the central nervous system powering global business operations. We believe that, given the inefficiencies that exist today in all phases of the ERP life cycle, a new category of solutions will emerge, utilising AI to address the high failure rate of cloud transformation and automate critical areas of implementation, testing, and support,” said Sanket Merchant, partner at PeakSpan Capital.
Opkey, established in 2015 by Goel, Avinash Tiwari, and Lalit Jain, offers AI-enabled, no-code solutions for enterprise ERP systems, aiming to reduce the time and effort required for testing for organizations that utilize multiple software-as-a-service products.
Currently, Opkey boasts over 200 enterprise clients, with 72 percent of them being Fortune 1000 companies. The company also collaborates with major systems integrators such as KPMG, Huron, and PwC to integrate AI into their projects for implementation and managed services.
In its first funding round in 2022, Opkey secured $8 million led by Vertica Capital Partners. The company has a diverse client base, including Fortune 500 companies and enterprises from various sectors, with offices in Dublin, California, and India.
