AI test automation platform Opkey bags $47M in Series B funding led by PeakSpan Capital

AI-based continuous test automation platform Opkey has raised $47 million in a Series B funding round led by US-based PeakSpan Capital, with participation from existing investors.

The company plans to use the capital to expand its global presence, strengthen its sales and marketing teams, and support research and development and product innovation.

Opkey, which has offices in Dublin, California, and other places worldwide, is expanding its engineering and AI research teams at its R&D centres in Noida and Bengaluru.

"Opkey's AI-driven platform empowers CIOs to ensure successful ERP transformation and modernisation programs, by revolutionising the way enterprises approach cloud ERP migration,” said Pankaj Goel, CEO and Co-founder of Opkey. 

"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," he added. 

ERP (enterprise resource planning) systems are integrated software platforms used by organisations to manage various business processes. 

Several ERP systems today often struggle with a “SaaS Mess” wherein multiple applications need constant updates and testing to keep processes running smoothly, said Opkey, in a statement. Traditional manual testing can be risky, potentially disrupting projects and causing financial and reputational damage, it added.

Opkey strives to address these issues using AI and machine learning to simplify ERP testing. Its AI assistant, Wilfred, uses a special algorithm to make tests that fit each client’s setup. This helps companies speed up ERP changes by 50% and reduce defects by over 70%, said the company.

“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, PeakSpan Capital.

"Solutions like Opkey’s are mission-critical for achieving continuous assurance in the delivery of technology that yields optimal business outcomes,” he added.

Opkey serves over 200 enterprise customers; 72% of them are listed in Fortune 1000. It also collaborates with major systems integrators such as KPMG, Huron, and PwC to incorporate AI into their implementation and managed services projects.