Opkey, a startup based in Dublin, CA, has raised $47 million in Series B funding. The company has developed an AI platform to assist organizations in continuously testing finance, HR, and other enterprise resource planning (ERP) software. With more than 200 large enterprise customers and partnerships with system integrators like KMPG and PwC, Opkey has proven its worth in the market.
PeakSpan Capital is the lead investor in this funding round, with participation from previous backers such as UST Global, Verica, Vertical, and India’s YouNest. This significant funding round marks a major milestone for Opkey, as it had previously only raised $12 million.
Opkey’s platform may not be highly visible in the enterprise IT stack, but it plays a crucial role in addressing the gaps that exist in the market, especially for legacy organizations undergoing digital transformation processes.
The company’s CEO, Pankaj Goel, along with his childhood friends Avinash Tiwari and Lalit Jain, co-founded Opkey. All three have years of experience in the ERP industry, having worked at companies like Adobe and Oracle. Their understanding of software testing and the potential consequences of not doing it correctly have driven them to develop a platform that focuses on testing critical aspects of enterprise software integration and functionality.
Opkey’s platform covers areas such as integrations, updates, upgrades, and user acceptance, ensuring that enterprise systems run smoothly without any conflicts or disruptions. The platform supports various packages and platforms including Oracle, Workday, Coupa, Veeva, Salesforce, SAP, Microsoft Dynamics, UKG, and Trackwise.
PeakSpan partner Sanket Merchant, who led the investment, believes that there is a growing demand for services like Opkey’s platform as IT continues to evolve. Automated testing is crucial for ensuring the proper functionality of critical enterprise apps like ERP systems, which can significantly impact a business’s revenue and brand if not deployed correctly.
Opkey’s focus on addressing the challenges of software testing in enterprise settings sets it apart from competitors in the market. As businesses increasingly rely on ERP solutions for their operations, the demand for automated testing solutions like Opkey will continue to grow.
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