Rocketlane, a SaaS company with dual bases in Chennai and Utah, has successfully secured $24 million in its Series B funding round. This round was jointly led by 8VC, Matrix Partners India, and Nexus Venture Partners. This funding follows a Series A round in January 2022 where they raised $18 million and a seed round in June 2021 that brought in $3 million, totaling Rocketlane's funding to $45 million.
The new capital infusion will fuel advancements in Rocketlane's AI technology to enhance customer feedback analysis and optimize project delivery for professional services teams. Additionally, the funds will be used to improve their PSA platform, integrate conversational AI for client interactions, and refine their customer portal.
Rocketlane was established in April 2020 by Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala. Initially focusing on customer onboarding, the startup has expanded its offerings to include time tracking, resource management, project accounting, document collaboration, and communication.
Rocketlane’s suite offers a specialized unified workspace designed for collaborative customer onboarding projects, aimed at reducing the time-to-value, streamlining software implementation, and enhancing real-time operational visibility.
In terms of AI integration, Rocketlane intends to embed advanced AI functionalities into its platform. This includes conversational AI tools to evaluate client meetings for better customer satisfaction insights and predictive engagement analytics. The startup is also developing AI-driven templates for emails and documents to facilitate service team operations.
Rocketlane's objective is to refine project management processes and enhance the precision of project health assessments, ensuring projects are delivered on time and within budget.
The company primarily serves mid-market and lower enterprise clients, boasting professional services teams ranging from 150 to 2,000 members. Its client roster includes notable firms like SalesLoft, OpenGov, LivePerson, Fivetran, Personio, and Icertis.
Looking ahead, Rocketlane is gearing up to expand its U.S. presence by adding leadership and sales roles and plans to venture into the European market with a promotional event scheduled for September.
Vikram Vaidyanathan, Managing Director at Matrix India, commented on the funding, highlighting Rocketlane's potential to displace outdated PSA solutions with its innovative AI-driven platform and user-friendly design. Jishnu Bhattacharjee, Managing Director at Nexus Ventures Partners, expressed enthusiasm for continuing support for Rocketlane as it revolutionizes PSA and customer onboarding with its AI-enhanced products and growing list of prestigious clients.
Furthermore, Rocketlane has appointed Rao Adavikolanu as the new Chief Marketing Officer (CMO). Rao, who previously served as CMO at Pilot.com in San Francisco, brings a wealth of expertise to propel Rocketlane's strategic and market initiatives forward.
Rocketlane reports a 3.1x increase in revenue and now serves over 500 paying customers globally, with 60% of its revenue originating from the U.S.