Rocketlane Raises $24 Million in Series B Funding
Workflow automation platform Rocketlane, based in Covina, has announced a $24-million Series B funding round as it expands the opportunity for professional services teams with AI capabilities.
The funding round was co-led by 8VC, Matrix Partners India and Nexus Venture Partners. With this, it brings the total funds raised to $45 million.
Rocketlane has broadened its proposition from supporting customer onboarding to doubling down on professional services teams with their needs. Most teams manage their processes using a manual patchwork of siloed PSA tools or spreadsheets. The result is project delays and a hit to profitability. In contrast, Rocketlane gives professional services teams visibility into every aspect of a project – progress made, stakeholders involved, pending/completed tasks and delayed items, helping teams prioritize tasks that need their attention while creating an avenue for smooth communication with clients.
Over the last year, Rocketlane has tripled its revenue and reached over 500 customers, including enterprise companies that have switched to Rocketlane from legacy Professional Services Automation (PSA) tools. Recent customer wins include industry-leading names like OpenGov, LivePerson, Fivetran, Personio and Zenoti, among others.
Srikrishnan Ganesan, CEO & co-founder, Rocketlane commented, “Our unique combination of high-velocity innovation and robust capabilities sets us apart and has helped us consistently win large, forward-thinking customers, including public companies. With this new investment, we are committed to accelerating our AI roadmap and redefining the client portal experience. We have equipped ourselves to handle the challenges of rapid growth and continue delivering exceptional value to our clients.”
A growing segment of the company’s customers are in the AI SaaS category. Although onboarding is challenging for any SaaS business, those in AI tend to have more complex deployments and, as a result, more complex needs. Rocketlane helps SaaS providers provide an accelerated onboarding journey that holds customers accountable, shortens time-to-value and helps begin expansion conversations earlier (which increases Net Revenue Retention), right from the first touchpoint.
In parallel, Rocketlane has launched its own AI functionality with more capabilities in the coming months. The new funding will significantly accelerate Rocketlane’s AI roadmap, enabling the development of advanced features and capabilities that enhance client project delivery. As enterprises focus more on leveraging AI, Rocketlane’s AI-driven capabilities for resource management, efficiency and productivity are expected to provide a competitive edge.
The company was founded in April 2020 by second-time entrepreneur trio Srikrishnan Ganesan, Vignesh Girishankar and Deepak Bala. Previously, the trio built a successful in-app messaging (FreshChat) startup that was acquired by Freshworks in 2015 and started Rocketlane in response to problems they faced onboarding their own customers to FreshChat.
Looking ahead, Rocketlane is committed to attracting more top-tier talent and executing its AI-first roadmap to make onboarding and project deliveries chaos-free.
Ganesan added, “The team is excited about our upcoming innovations – especially the unique AI capabilities and the first-of-its-kind dynamic client portal in this space – that will expand the gap between Rocketlane and the competition.”