AI Test Automation Platform Opkey Raises $47 Million to Grow Teams in Noida and Bengaluru Opkey, an AI continuous test automation platform for enterprise systems, announced that it has raised USD47 million in Series B funding led by PeakSpan Capital, and other existing investors.
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Opkey, an AI continuous test automation platform for enterprise systems, announced that it has raised USD47 million in Series B funding led by PeakSpan Capital, and other existing investors.
The funding will be used by the company to increase sales and grow its marketing team as it tries to expand globally while investing in research and development aiming to pioneer the emerging "ERP Ops" category.
Opkey is also expanding Engineering and AI research teams at its Noida and Bengaluru R&D centers to develop a category-defining product.
"Opkey's AI-driven platform empowers CIOs to ensure successful ERP transformation and modernization programs, by revolutionizing 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 organizations seamlessly migrate their legacy ERP systems to the cloud while ensuring continuous quality and performance, given its criticality to business outcomes," added Pankaj Goel.
Sanket Merchant, Partner, PeakSpan Capital said, "As thematic B2B software investors, we understand the criticality of ERP and other enterprise applications, 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, utilizing AI to address the high failure rate of cloud transformation and automate critical areas of implementation, testing, and support. Solutions like Opkey's are mission-critical for achieving continuous assurance in the delivery of technology that yields optimal business outcomes."
According to Opkey, enterprises modernizing 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. Traditional manual ERP testing methods introduce significant risks, threatening transformation initiatives and potentially leading to financial and reputational harm.
Opkey believes that harnessing AI and machine learning can reduce the time and effort needed for ERP testing. The company's AI-powered assistant (Wilfred), utilizing a patent-pending GenAI Test Mining algorithm, dynamically generates tests customized to client-specific configurations and customizations. As a result, enterprises can accelerate ERP changes by 50 per cent and reduce defect rates by over 70 per cent.
