Lowenstein Sandler represented PeakSpan Capital as the lead investor in the $47 million Series B funding round in Opkey, the Artificial Intelligence (AI) continuous test automation platform for enterprise systems.
This investment will fuel Opkey's mission to deliver continuous assurance and streamline cloud Enterprise Resource Planning (ERP) transformation programs, enabling 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.
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%.
Based in New York City and Silicon Valley, PeakSpan Capital is a growth equity firm with a singular mission to be the partner of choice for growth-stage entrepreneurial teams building amazing business software companies. PeakSpan combines deep domain expertise within a select number of themes with an active partnering approach to help entrepreneurs drive excellent risk-adjusted growth and value creation.
In 2024 alone, Lowenstein has represented Peakspan in its investments in TraceAir, an intelligence software for homebuilders and land developers; the cyber intelligence platform SOCRadar; Nectar, a culture platform specializing in employee recognition and rewards; and the EdTech platform Abre.
The deal team included Anthony O. Pergola, Sarah Gore, Sara Uz, Claire Dronzek, Mark P. Kesslen, Brianne L. Polito, and Christian C. Contardo.
