Test automation platform Opkey on Thursday announced $47 million funding in its Series B funding round led by PeakSpan Capital along with the contribution from existing investors. Opkey, which offers a no-code testing platform for business and technical users to automate their application testing in hours, said it would deploy the capital to streamline its cloud ERP transformation programs and accelerate its technological advancements and product development.
Its existing investors include Vertica Capital Partners, UST and YourNest Venture Capital.
The company would use the funding to expand its engineering and AI research teams at its Noida and Bangalore R&D centres.
Speaking on the fresh capital infusion Pankaj Goel, CEO and Co-founder of Opkey, said, “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.”
Using AI and machine learning, the company said it “dramatically reduces the time and effort needed for ERP testing given that traditional manual ERP testing methods introduce significant risks, threatening transformation initiatives and potentially leading to financial and reputational harm.”
“As thematic B2B software investors, we understand the criticality of ERP and other enterprise applications (e.g., HRIS, CRM), 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,” said Sanket Merchant, Partner, PeakSpan Capital.
Opkey said it has over 200 enterprise customers, 72 per cent of which are ranked in the Fortune 1000 category.