Opkey raises $47 million in Series B funding led by PeakSpan Capital

Opkey, an AI continuous test automation platform for enterprise systems, announced that it has raised $47 million in Series B funding led by PeakSpan Capital, with continued support from existing investors.

The strategic investment will fuel Opkey's mission to deliver continuous assurance, streamline cloud ERP transformation programmes, accelerate technological advancements and product development, and foster a culture of innovation. The funding will also help the company grow its sales and marketing teams to expand its market presence globally and invest in research and development.

Opkey is also expanding its engineering and AI research teams at its Noida and Bangalore R&D centres to develop a category-defining product.

Pankaj Goel, CEO and co-founder of Opkey, 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."

Enterprises modernising their ERP systems often face a “SaaS mess,” in which multiple best-of-breed applications require constant updates and testing to maintain seamless business processes.

By harnessing AI and machine learning, Opkey dramatically reduces the time and effort needed for ERP testing. Its AI-powered assistant (Wilfred), utilising a patent-pending GenAI Test Mining algorithm, dynamically generates tests tailored to client-specific configurations and customisations. As a result, enterprises can accelerate ERP changes by 50 per cent and reduce defect rates by over 70 per cent.

Sanket Merchant, partner, PeakSpan Capital, said, "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.”

Opkey currently has more than 200 enterprise customers, 72 per cent of which are ranked in the Fortune 1000. The company also partners with large systems integrators like KPMG, Huron, and PwC to bring the power of AI to their implementation and managed services projects.