California start-up Opkey raises $47m for AI platform

Opkey claims its platform ‘significantly reduces’ the time and effort required by companies to test ERP applications by using AI and machine learning.

Opkey, a start-up that has built an AI platform to help companies test software, has raised $47m in Series B funding led by growth equity firm PeakSpan Capital.

Headquartered in California, Opkey ensure companies can deploy AI to continuously test finance, HR and other cloud-based enterprise resource planning (ERP) software.

In an announcement yesterday (22 August), Opkey said that the latest investment will help the start-up grow its sales and marketing teams and expand its market presence globally. It will also invest in research and development of ERP solutions.

Cloud ERP systems are likely to be the biggest growth driver of the SaaS industry over the next decade, according to Bloomberg. It is expected to become a $73bn market by 2026, and Opkey wants to take advantage of this growth with its AI platform.

“Opkey’s AI-driven platform empowers chief information officers (CIOs) to ensure successful ERP transformation and modernisation programmes 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.”

Opkey claims its platform “significantly reduces” the time and effort required by companies to test ERP applications by leveraging the power of AI and machine learning. The start-up currently has more than 200 enterprise customers, more than 70pc of whom are Fortune 1000 companies. It also partners with large systems integrators such as KPMG, Huron and PwC.

“Solutions like Opkey’s are mission critical for achieving continuous assurance in the delivery of technology that yields optimal business outcomes,” said Sanket Merchant, partner at PeakSpan Capital.

“We could not be more energised to support Opkey’s vision for ERP Ops, which will help CIOs with their ERP transformation and modernisation initiatives by providing a common data fabric, resilience in their technology strategy and optimise table stakes business performance.”

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