Testing automation platform Opkey has raised $47 million in a Series B round of funding from US-based growth equity firm PeakSpan Capital.
It also saw participation from previous and new investors, UST Global, Vertica, Vertical and India’s YouNest.
The company plans to use the funding for technological advancement, product development and research and development, it said in a statement.
The capital will also help Opkey grow its sales and marketing teams to expand its market presence globally.
"This funding will allow us to further enhance our technology and expand our reach, helping more organisations migrate their legacy ERP (enterprise resource planning) systems to the cloud while ensuring continuous quality and performance, given its criticality to business outcomes," said Pankaj Goel, chief executive and co-founder of Opkey.
The company is also expanding its engineering and AI research teams at its Noida and Bangalore R&D centres.
Founded in 2015 by Goel, Avinash Tiwari and Lalit Jain, Opkey provides AI-enabled, no-code test automation solutions for enterprise ERP systems. It helps reduce the time and effort needed for testing for organisations using multiple software-as-a-service products.
"As thematic business-to-business software investors, we understand the criticality of ERP and other enterprise applications, which represent significant investments and operate as the central nervous system powering global business operations,” said Sanket Merchant, partner, PeakSpan Capital.
“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,” he added.
It had raised $8 million in Series A round in 2022 led by Vertica Capital Partners. The company has over 200 clients including Fortune 500 companies and enterprises across various industries, with offices in Dublin, California and India.
