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Opkey Secures $47 Million in Series B Funding to Revolutionize Cloud ERP Transformation

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AI-powered Test Automation Platform Addresses Critical Operational Challenges Across the Cloud ERP Lifecycle

SAN FRANCISCO, Aug. 22, 2024 /PRNewswire-PRWeb/ — Opkey, the leading Artificial Intelligence (AI) continuous test automation platform for enterprise systems, today 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, 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.

“Opkey’s AI-driven platform empowers Chief Information Officers (CIOs) to ensure successful ERP transformation and modernization programs, by revolutionizing the way enterprises approach Cloud ERP migration, ” said Pankaj Goel, CEO and Co-founder of Opkey.

“Opkey’s AI-driven platform empowers Chief Information Officers (CIOs) to ensure successful ERP transformation and modernization programs, by revolutionizing 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 organizations seamlessly migrate their legacy ERP systems to the cloud while ensuring continuous quality and performance, given its criticality to business outcomes.”

According to Bloomberg, the cloud ERP systems will likely be the biggest growth driver of the SaaS industry over next 10 years, slated to become a $73 Billion market by 2026. However, an alarmingly high majority of these ERP modernization programs fail. McKinsey reports that 75% of ERP transformation projects fail, often because IT teams are unable to scale ERP testing.

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.

Antiquated, manual approaches to ERP software testing create massive levels of risk to business continuity and the success of transformation programs. There have been well documented instances of ERP transformation program failures causing huge financial and reputational losses to enterprises like The ERP implementation failure costing National Grid a staggering $585 million and Revlon stock prices falling as much as 6% because of losses incurred as result of faulty ERP implementation. It’s evident that enterprise applications teams now require a more modern and continuous way to ensure operational continuity across enterprise cloud applications.

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%.

“We’re excited to partner with Pankaj and the Opkey team as they pioneer the next frontier of innovation in ERP modernization, delivering unparalleled assurance through continuous, AI-enabled test automation,” said Sanket Merchant, Partner, PeakSpan Capital. “As thematic B2B software investors, we understand the criticality of ERP and other enterprise applications (e.g., HRIS, CRM), which represent significant investments and operate as the central nervous system powering global business operations. 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. Solutions like Opkey’s are mission critical for achieving continuous assurance in the delivery of technology that yields optimal business outcomes. We could not be more energized to support Opkey’s vision for ERP Ops, which will help CIOs with their ERP transformation and modernization initiatives by providing a common data fabric, resilience in their technology strategy, and optimize table stakes business performance.”

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.

“KPMG continues to drive the highest quality outcomes for our clients by leveraging Opkey’s industry-leading test automation solutions for SaaS platforms,” said Ryan Burns, Principal, KPMG Lighthouse. “Our alliance with Opkey is innovating with generative AI to transform test automation for our clients’ ERP implementations and help reduce risk, improve efficiency and build confidence from inception through go-live and beyond.”

About Opkey

Opkey is a leading provider of AI-enabled, no-code test automation solutions for enterprise ERP systems. Founded in 2016, Opkey empowers organizations to accelerate their ERP modernization initiatives by simplifying and automating the testing process. With offices in Dublin, California, and worldwide, Opkey serves a global clientele of Fortune 500 companies and enterprises across various industries. For more information about Opkey and its AI-enabled test automation platform, visit opkey.com.

About PeakSpan Capital

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. PeakSpan Capital prides itself on a collaborative approach to working with entrepreneurs and other stakeholders. To learn more about PeakSpan Capital and its portfolio, please visit www.peakspancapital.com.

Media Contact

Pankaj Goel, Opkey, 1 (408) 212-7950, pankaj.goel@opkey.com, https://www.opkey.com/

Rebecca West, Helium Communications, 1 (415) 260-6094, rebecca@heliumcommunications.net, https://www.heliumcommunications.net/

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SOURCE Opkey

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Marquis Who’s Who Honors Rupin Chothani for Engineering Leadership

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UNIONDALE, N.Y., July 23, 2026 /PRNewswire/ — Marquis Who’s Who honors Rupin Chothani for his leadership in engineering and project management. With more than two decades of professional experience to his credit, Mr. Chothani leverages a unique expertise in fire and petrochemical solutions to find success in his field. As project manager, project engineer and proposal manager at Technip Energies N.V., Mr. Chothani ensures effective results.

Drawn to Engineering

Coming from a family of engineers, Mr. Chothani was naturally drawn to the profession. This inclination was reinforced by comprehensive aptitude and attitude tests administered at the age of 14, which highlighted his strengths in engineering and architecture. Ultimately, this direction reinforced his determination to pursue a degree in mechanical engineering.

By 2003, Mr. Chothani earned a Bachelor of Science in Mechanical Engineering at the University of Mumbai. After a brief role as a junior manufacturing engineer at Artech Cooling Tower Pvt. Ltd., he completed a Master of Science in Mechanical Engineering at the University of Bridgeport in 2006. In addition to these degrees, Mr. Chothani later achieved AutoCAD certification.

Following his graduation in 2006, Mr. Chothani joined CB&I Lummus / ABB Lummus Heat Transfer (now Lummus Technology) as a thermal engineer. Though his work at Lummus Technology lasted only three years, Mr. Chothani was greatly influenced by mentor figures at the company. These mentors, including Ken Catala, Peter Harvard, Chin Dang and Miller Alanath Carter, provided essential guidance.

Building a Family

In December 2008, Mr. Chothani married his wife, Cathy. Along with his son and daughter, his family has contributed richly to his success in engineering and they continue to inspire him to excel. In addition to their support, Mr. Chothani recognizes that there is no alternative to hard work and dedicated learning.

From Lummus Technology to Technip Energies N.V.

Following his work at Lummus Technology, Mr. Chothani worked with Maco Corporation India Pvt. Ltd. By 2011, he joined Complete Heat Transfer Solutions – Environ Energy Systems as a thermal and mechanical engineer. By 2013, Mr. Chothani became a part of Technip Energies N.V. as a furnace mechanical engineer. By 2023, he added to this role and became a project manager, project engineer and proposal manager at the company.

In his current role at Technip Energies N.V., Mr. Chothani is responsible for a variety of essential duties. He manages and executes on engineering projects for ethylene cracking furnaces and heaters, and oversees proprietary technologies. Additionally, he actively coordinates with procurement, logistics, mechanical engineering and process engineering teams to ensure effective results.

Plans for the Future

Moving forward, Mr. Chothani hopes to advance his project management skills, particularly within the firejet industry. At the same time, he aims to share his knowledge of the industry with the next generation of professionals. Outside of his professional ambitions, Mr. Chothani intends to prepare his children to find success, inspiring them and their peers with hands-on experiments and full-day events.

About Marquis Who’s Who®:

Since 1899, when A. N. Marquis printed the First Edition of Who’s Who in America®, Marquis Who’s Who® has chronicled the lives of the most accomplished individuals and innovators from every significant field, including politics, business, medicine, law, education, art, religion and entertainment. Who’s Who in America® remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms worldwide. The suite of Marquis® publications can be viewed at the official Marquis Who’s Who® website, www.marquiswhoswho.com.

Marquis Who’s Who
Uniondale, NY
(844) 394 – 6946
info@marquiswhoswho.com
www.marquiswhoswho.com

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COALITION OF INDEPENDENT INTERNET PROVIDERS ASKS CRTC TO FIX ERRORS IN WHOLESALE FIBRE RATES

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Coalition of competitive ISPs say current fibre rates make competition impossible and threatens to harm millions of Canadian consumers

CHATHAM, ON, July 23, 2026 /CNW/ — A coalition of independent internet service providers (the Coalition) led by TekSavvy Solutions Inc. (TekSavvy) today applied to the Canadian Radio-Television and Telecommunications Commission (CRTC) to review and vary Telecom Order 2026-77, which set final wholesale rates for fibre internet services. In that decision, the CRTC approved wholesale rates for fibre internet services that are higher than the retail prices charged by the large carriers. This makes competition impossible, as independent providers are forced to either sell at a loss or set prices above the large carriers, leaving millions of Canadian consumers without competitive options for essential internet services.

The application identifies key errors that led the CRTC to approve severely inflated final wholesale rates, which make it economically impossible for independent providers to compete. The Coalition argues that the CRTC’s incorrect rates negate the very purpose of Canada’s wholesale framework, which is to foster competition in retail broadband markets. Specifically, the Coalition asks the CRTC to make three key changes to Telecom Order 2026-77:

Eliminate one cost factor that is inconsistent with the CRTC’s established costing principles, which artificially increased fibre wholesale rates by an estimated 25% to 30% (the Adjustment Factor).Reduce another element of the costing that is inflated above reasonable levels: The Coalition calls on the CRTC to reduce the markup applied to wholesale fibre services from 30% to 15%, reflecting declining costs, operational efficiencies, and the need to support competition.Correct technical errors relating to certain wholesale fibre speed descriptions.

“Canadians were promised greater competition for fibre internet services, but these rates make competition impossible.” said Andy Kaplan-Myrth, TekSavvy’s Vice President of Regulatory and Carrier Affairs. “The CRTC must correct these errors to ensure its wholesale rates promote broadband competition that challenges the market power of monopoly incumbents, lowers prices, and increases consumer choice.”

About the Coalition

The Coalition consists of competitive telecommunications providers and industry associations advocating for fair wholesale access to fibre networks and a competitive broadband marketplace that delivers affordable, high-quality Internet services to Canadians, including: TekSavvy Solutions Inc., BC Broadband Association (“BCBA”), Canada-Wide Internet Service Providers Association (“CanWISP”), Fibernetics Inc., ISP Telecom Inc., National Capital FreeNet Inc., Novus Entertainment Inc. and Purple Cow Internet Inc.

About TekSavvy Solution Inc.

Based in Chatham, Ontario, TekSavvy is Canada’s largest independent telecom service company. TekSavvy has been proudly delivering award-winning services and fighting for consumers’ rights for nearly 30 years. TekSavvy is committed to providing quality competitive choice and closing Canada’s digital divide.

SOURCE TekSavvy Solutions Inc.

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Monk Launches Voice Collections, Bringing AI Phone Calls and Callbacks to Accounts Receivable

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Monk’s collections agent, Julia, can now place outbound collection calls and answer inbound AR questions from a dedicated business number, so finance teams can use the channel that collects best without adding headcount.

Multimedia: Watch Voice Collections in action: https://youtu.be/w09PoN1yACE 

NEW YORK, July 23, 2026 /PRNewswire/ — Monk, the AI-native accounts receivable platform, today launched Voice Collections. Its collections agent, Julia, can now place outbound collection calls and answer inbound customer questions about invoices and payments from a dedicated phone number for each organization. The feature brings the phone, long the most effective collections channel and the hardest one to scale, into Monk’s Intelligent Collections.

Roughly $10 trillion sits in unpaid invoices worldwide, and the average invoice now takes 59 days to clear (Allianz). Most accounts receivable runs on email, and most of it waits. More than half of B2B invoices in the United States are overdue at any given time, and 92% of businesses are typically paid after their due date (Chaser, 2026). Phone calls recover overdue invoices two to three times better than email (Dunwise), yet 91% of finance teams still rely on email as their main follow-up channel and only 56% use the phone, because calling every overdue account by hand does not scale and a single human dunning call can cost $12 to $18 (HighRadius).

Voice Collections gives teams that coverage. Julia can call on the accounts a playbook flags for phone follow-up, and answer when a customer calls the same number back to ask about an invoice, a payment, or a bank detail. Businesses that follow up on 100% of overdue invoices are 76% more likely to be paid within a week (Chaser), and a voice agent is what makes full coverage possible.

Monk’s collections agent is already proven on the accounts it handles by email. Across Monk’s first 100 customers, Julia reaches customers with a 24% higher response rate than standard dunning and resolves 88.2% of collections with zero human intervention. Voice extends that reach to the phone.

“For years the assumption was that customers would not talk to an AI on the phone,” said George Kurdin, Founder and CEO of Monk. “The evidence now points the other way. People engage with a good voice agent, and in AR the phone was always the channel that collected best. We built Voice Collections so finance teams can finally use it at the scale email gave them.”

That assumption is worth retiring. In a University of Chicago Booth field study of roughly 70,000 interviews, people interviewed by a voice AI agent were 12% more likely to receive an offer, 18% more likely to start, and 17% more likely to still be there after 30 days, and 80% chose the voice AI over a human when given the choice. The setting was recruiting rather than collections, but the finding travels: given a capable voice agent, people lean in rather than hang up. A call also does something email cannot, which is secure a verbal promise to pay in the moment.

Built for finance, with the phone agents kept with strict guardrails

Voice in finance has to be constrained, and Monk designed Voice Collections around that from the start. The agent is read-only on the phone. It answers questions, confirms details, and routes the next step. It will not rewrite an invoice, change a payment status, or accept a sensitive payment change by voice.

The agent is also reference-based. If a caller asks about an invoice, Julia asks for both the company name and the invoice number before looking anything up, and it will not search broadly from a single detail. Every inbound and outbound call is kept in the collection record alongside the email history, so a callback is part of the same thread the team already sees, and anything that needs judgment escalates to a person.

“Voice in finance has to be careful by design,” said Joe Zhou, Co-Founder and CTO of Monk. “Julia will not browse across accounts or move money over the phone. A caller has to bring the company name and invoice number before it confirms anything, and every call lands in the record. In finance a 1% mistake is still unacceptable, so we built for that first and added the reach second.”

Teams run autonomous collections on Monk

Monk runs collections for finance teams at companies like Unify, Pump, Siro, and Elate, and Voice Collections extends what those teams already do by email onto the phone.

“We chose Monk to help automate our collections, a process previously demanding several hours a week of manual, one-off outreach,” said Will Stewart, Head of Finance and BizOps at Unify. “Today, our Monk agent is always running in the background and I have a single dashboard to manage AR from.”

At Pump, which manages volume across more than 1,500 customers, Monk has helped collect over $10 million in recent months.

Voice AI is now infrastructure

The timing reflects how far voice AI has come. It has moved from demo to infrastructure: Vapi has processed more than 1 billion calls, Bland handles over 3.5 million calls a week, and ElevenLabs raised a $500 million round at an $11 billion valuation in early 2026. Monk builds Voice Collections on that foundation and adds the part finance actually needs, which is the AR context, the controls, and the audit trail.

Voice Collections is available now as an opt-in feature. Monk configures the dedicated number and call behavior with each organization before turning it on in Collections. See it in action: https://youtu.be/w09PoN1yACE.

About Monk

Monk is the AI-native accounts receivable platform that helps finance teams turn revenue into cash. Its agent, Julia, runs collections, cash application, and forecasting as one connected system. Monk resolves 88.2% of collections with zero human intervention, reaches customers with a 24% higher response rate than standard dunning, reduces DSO by more than 40%, automatically matches 80% of incoming payments with a full audit trail, and gives finance teams back roughly 26 hours a month. Teams onboard in under a week and see results in their first month. More than $1.5 billion in receivables is managed on the platform, including for customers like Profound and ElevenLabs. Monk has raised $25 million and is based in New York.

Media contact
Kendall Warson
kendall@monk.com
+1 415-827-6585

Sources: Chaser 2026 Accounts Receivable research; Dunwise dunning research; HighRadius collection call cost analysis; University of Chicago Booth field study on AI in recruiting; voice AI figures compiled by Enterprise DNA; Federal Reserve data; Allianz Worldwide DSO survey.

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SOURCE Monk

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