Opkey, a provider of an artificial intelligence continuous test automation platform for enterprise systems, raised $47 million in Series B funding. The round was led by PeakSpan Capital, with participation from existing investors, including UST Global, Verica, Vertical and India’s YouNest.
How will it use the investment?
The company intends to use the funds to accelerate product development, with a focus on enhancing AI capabilities and expanding support for additional enterprise resource planning (ERP) platforms, grow its sales and marketing teams to expand market presence globally, and invest in its R&D sector.
How was the idea born?
Opkey was founded in 2015 by longtime friends and industry veterans, Pankaj Goel, Avinash Tiwari & Lalit Jain. After spending their careers helping clients migrate, implement, and test ERPs, the friends realised that existing automation tools weren’t good enough. They were either too technical, which prohibited their widespread use within an organisation or were too UX focused, which prevented robust, automated testing.
To resolve this issue, they founded Opkey with the mission to create a tool that’s robust enough to automate the most complex ERP tests and simple enough for any employee to use.
Opkey has built an AI platform to help organisations continuously test finance, HR and other ERP software. It aims to simplify the testing process by providing a user-friendly interface for test automation, decreasing the requirement for substantial coding skills. Opkey accelerates test creation compared to other automation tools.
By leveraging AI and machine learning, Opkey significantly reduces the time and effort required for comprehensive testing of ERP applications. Its AI-powered ERP testing assistant leverages Opkey’s patent pending genAI Test mining algorithm and dynamically generates tests based on the client configurations and customisations, driving massive improvements in coverage, adapting to updates in business processes and applications, and delivering greater assurance through continuous testing. This enables enterprises to push through ERP changes 50% faster, while lowering defect rates by over 70%.
“Opkey’s AI-driven platform empowers Chief Information Officers (CIOs) to ensure successful ERP transformation and modernization 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.”
“We’re excited to partner with Pankaj and the Opkey team as they pioneer the next frontier of innovation in ERP modernisation, delivering unparalleled assurance through continuous, AI-enabled test automation,” said Sanket Merchant, Partner, PeakSpan Capital.
