Opkey Artificial Intelligence (AI) continuous test automation platform for enterprise systems has announced that it has raised $47 million in Series B funding led by PeakSpan Capital, with continued support from existing investors. This substantial investment will fuel Opkey’s mission to deliver continuous assurance and streamline cloud Enterprise Resource Planning (ERP) transformation programs.
It will enable Opkey to accelerate product development, with a focus on enhancing AI capabilities and expanding support for additional ERP platforms; grow its sales and marketing teams to expand market presence globally; and invest in research and development to pioneer the emerging “ERP Ops” category, providing a common data fabric for successful ERP transformation and modernization programs.
Enterprises modernizing their ERP stack also often grapple with the growing challenge of “SaaS Mess,” due to implementation of a mix of best-of-breed point applications that are constantly updating and require continuous testing to ensure that end to end business processes are working as expected. In a typical enterprise, 10-12 ERP point solutions are combined to achieve an end-to-end business process. Gartner refers to this trend as composable ERP and predicts that by 2026, 35% of product-centric enterprises will achieve high composability in their ERP applications, integration, data and security, but will struggle with the operational overhead introduced by this approach.
By leveraging AI and machine learning, Opkey significantly reduces the time and effort required for comprehensive testing of ERP applications. Opkey’s AI-powered ERP testing assistant (Wilfred) leverages Opkey’s patent pending genAI Test mining algorithm and dynamically generates tests based on the client configurations and customizations, driving massive improvements in coverage, adapting to updates in business processes and applications, and delivering greater assurance through continuous testing. This enables enterprises to push through ERP changes 50% faster, while lowering defect rates by over 70%.
Opkey currently has more than 200 enterprise customers, 72% of which are ranked in the Fortune 1000. The company also partners with large systems integrators (SIs) like KPMG, Huron, and PwC to bring the power of AI to their implementation and managed services projects.