Opkey, a startup specializing in AI-driven testing for enterprise resource planning (ERP) software, has announced the successful closure of a $47 million Series B funding round. The investment was led by PeakSpan Capital, with participation from existing investors including UST Global, Verica, Vertical, and India’s YouNest.
Founded by ERP industry veterans Pankaj Goel, Avinash Tiwari, and Lalit Jain, Opkey has developed an AI platform that addresses the critical need for continuous testing of finance, HR, and other ERP applications. The Dublin, California-based company has gained significant traction in the market, boasting over 200 large enterprise customers and partnerships with major system integrators like KPMG and PwC.
Pankaj Goel, CEO of Opkey, highlighted the challenges faced by organizations in the era of cloud-based ERP systems; “Cloud applications are continuously giving updates, which was not the case with traditional software. That functionality breaks existing functionality.” He added, “Any change in the ecosystem and you need to test it again. It means enterprises are in testing hell.”
Opkey’s platform aims to alleviate these issues by providing continuous tracking of integrations, updates, upgrades, and user acceptance across various ERP systems. The company currently supports major platforms such as Oracle, Workday, Coupa, Veeva, Salesforce, SAP, Microsoft Dynamics, UKG, and Trackwise.
Sanket Merchant, partner at PeakSpan Capital, emphasized the importance of automated testing in the ERP space; “For businesses, the most expensive IT spend is related to critical enterprise apps, their ERP apps. Automated testing is important to drive assurance around that investment, to make sure it behaves as intended. A failed SAP deployment or Workday migration can have a huge impact a business’s revenue, and its brand.”
This Series B funding represents a significant milestone for Opkey, which had previously raised only $12 million. While the company has not disclosed its valuation, the substantial increase in funding underscores the growing demand for AI-powered solutions in enterprise IT.
With this new influx of capital, Opkey plans to accelerate its product development efforts, expand its market presence, and further enhance its AI capabilities to address the evolving needs of enterprise customers in the rapidly changing landscape of ERP software testing.
