August 22, 2024: Opkey, an AI based automation platform has secured $47 million to back its aggressive expansion strategy, enhancing its global footprint and augmenting its sales and marketing efforts. The company will also invest heavily in research and development, focusing on cutting-edge innovations.
The AI Automation firm is ramping up its engineering and AI research teams at its R&D centers in Noida and Bengaluru, aiming to drive technological advancements and market growth. Currently, the firm has offices in Dublin, California, and other locations.
“Opkey’s AI-driven platform empowers CIOs to ensure successful ERP transformation and modernisation programs, 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,” he added.
Opkey to offset manual testing risks for enterprises
Traditional manual testing poses significant risks, potentially derailing projects and leading to financial losses and reputational harm, Opkey noted. To mitigate these challenges, Opkey leverages AI and machine learning to streamline ERP testing. Their AI assistant, Wilfred, employs a unique algorithm tailored to each client’s specific configuration, accelerating ERP updates by 50% and reducing defects by more than 70%, the company reported.
“We believe that, given the inefficiencies that exist today in all phases of the ERP life cycle, a new category of solutions will emerge, utilising 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.
“Solutions like Opkey’s are mission-critical for achieving continuous assurance in the delivery of technology that yields optimal business outcomes,” he added. Opkey serves over 200 enterprise customers; 72% of them are listed in Fortune 1000. It also collaborates with major systems integrators such as KPMG, Huron, and PwC to incorporate AI into their implementation and managed services projects.
ERP (Enterprise Resource Planning) systems are comprehensive software platforms that organizations use to streamline and manage their business processes. However, according to Opkey, many modern ERP systems face a “SaaS Mess,” where the complexity of managing numerous applications requires frequent updates and rigorous testing to ensure seamless operations.
The latest Series B funding round for the company was led by US-based PeakSpan Capital, alongside contributions from its current investors.
