Opkey, an AI-powered continuous testing automation platform for enterprise systems, has raised $47 million in a Series B funding round.
The round was led by PeakSpan Capital, with additional participation from existing investors.
Prior to this round, the startup raised $8 million in a Series A funds round in August 2022 led by Vertica Capital Partners. The current round brings its historical fundraising to $57 million, according to Crispy base.
Expand R&D teams in Noida and Bengaluru
With the new funding, Opkey aims to accelerate its technological advances, particularly in the area of cloud ERP transformation.
The startup plans to expand its research and development (R&D) teams in Noida and BangaloreIndia, to develop a category-defining product and strengthen its global sales and marketing efforts.
What does Opkey do?
Opkey’s AI-powered platform is designed to simplify ERP (enterprise resource planning) testing, addressing the complexities that arise during cloud ERP migrations.
“This funding will enable us to further enhance our technology and expand our reach, helping more organizations seamlessly migrate their legacy ERP systems to the cloud while ensuring continued quality and performance, given its importance to business outcomes,” said Pankaj Goel, CEO and co-founder of Opkey.
Addressing the challenges of ERP testing
ERP systems, which are essential for managing various business processes, often face challenges due to the complexity and constant updates required for their proper functioning.
Traditional manual testing methods can be risky and time-consuming, potentially leading to disruptions in business operations.
Opkey said leveraging AI and machine learning can reduce the time and effort required for ERP testing.
The startup’s AI assistant, Wilfred, uses a patent-pending GenAI Test Mining algorithm to dynamically generate tests tailored to customer-specific configurations and customizations. As a result, companies can accelerate ERP changes by 50% and reduce defect rates by over 70%.
Opkey’s presence in the market
Opkey claims to serve over 200 large enterprise customers, including 72% of Fortune 1000 companies. The startup also partners with major system integrators such as KPMG, Huron, and PwC to integrate AI into their implementation projects and managed services.
“As thematic B2B software investors, we understand the importance of ERP systems and other enterprise applications, which represent significant investments and function as the central nervous system that drives overall business operations. We believe that given the inefficiencies that exist today across all phases of the ERP systems lifecycle, a new category of solutions will emerge that leverage AI to address the high failure rate of cloud transformation and automate critical areas of deployment, testing, and support. Solutions like Opkey’s are critical to achieving continuous assurance in delivering technology that produces optimal business outcomes,” said Sanket Merchant, Partner at PeakSpan Capital.
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