Rocketlane, a SaaS startup catering to professional services teams across the U.S., India, and Europe with its innovative automation platform, has secured $24 million in fresh investment. This funding will be utilized to deploy AI capabilities, enhancing enterprises’ ability to understand and act on customer feedback effectively.
Professional services teams within enterprises are responsible for delivering projects to clients on time and within budget. Despite the critical nature of this task, these teams often lack unified solutions and are forced to juggle multiple tools, leading to project delays and client dissatisfaction. The emergence of professional services automation (PSA) aimed to streamline these processes, but many existing PSA solutions still rely on traditional software, resulting in inaccurate project health reports and subpar delivery experiences.
Enter Rocketlane. Headquartered in Utah and Chennai, Rocketlane provides an all-in-one modern PSA platform that replaces various tools used by professional services teams for client projects. These tools include time tracking, resource management, project accounting and management, document collaboration, and communication.
Rocketlane was founded in April 2020 by serial entrepreneurs Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala. Initially, the startup aimed to support customer onboarding but soon expanded its scope to address the broader needs of professional services teams.
The concept for Rocketlane originated from the challenges the co-founders faced while onboarding customers at their previous venture, FreshChat, an in-app messaging startup acquired by Freshworks in 2015.
“We noticed that projects managed by professional services teams often caused significant anxiety both internally and externally,” said Ganesan in an interview with TechCrunch. “We recognized this moment as a crucial point where the customer experiences a partnership with the vendor. If it goes well, the customer strengthens their commitment to the partnership.”
Rocketlane targets mid-market and lower enterprise clients with professional services teams ranging from 150 to 2,000 members. Its customer base includes notable companies such as SalesLoft, OpenGov, LivePerson, Fivetran, and Uniqus. Rocketlane competes with core PSA platforms like Katana and project management tools like Asana and Monday.com by offering a comprehensive solution that combines the functionalities of both.
The all-equity Series B funding round, co-led by 8VC, Matrix Partners India, and Nexus Venture Partners, will enable Rocketlane to further enhance its PSA platform.
Ganesan revealed that the startup plans to introduce conversational AI to help professional services teams gain insights from client meetings. This AI will signal whether customers are likely to continue investing in their projects or if they may withdraw. Additionally, Rocketlane is developing AI-driven templates for emails and documents used by services teams and upgrading its customer portal to provide a website builder-like experience, ensuring consistency with clients’ branding.
Rocketlane currently serves 500 paying customers globally, with 30% of its revenue coming from the U.S. The startup is looking to expand its presence in the U.S. by hiring more leadership and sales positions. It also plans to expand into Europe, with a one-day event scheduled for September.
To date, Rocketlane has raised $45 million, including an $18 million Series A round in January 2022. Ganesan noted that the startup’s valuation has doubled since the last round, though he did not disclose specific figures. He also highlighted that Rocketlane achieved over 3.1x revenue growth in 2023.
Rocketlane employs 120 people, with 15 based in the U.S. and the remainder in India. The company’s growth and recent funding will likely accelerate its plans to revolutionize professional services automation.
Rocketlane at a Glance
| Category | Details |
|---|---|
| Headquarters | Utah, U.S. and Chennai, India |
| Founded | April 2020 |
| Founders | Srikrishnan Ganesan, Vignesh Girishankar, Deepak Bala |
| Employee Count | 120 (15 in the U.S., rest in India) |
| Key Clients | SalesLoft, OpenGov, LivePerson, Fivetran, Uniqus |
| Recent Funding | $24 million Series B |
| Total Funding | $45 million |
| Major Investors | 8VC, Matrix Partners India, Nexus Venture Partners |
| Key Growth Metrics | 3.1x revenue growth in 2023, valuation doubled since last funding round |
Key Features of Rocketlane’s PSA Platform
- Time Tracking: Efficiently monitor and manage time spent on projects.
- Resource Management: Optimize the allocation and utilization of resources.
- Project Accounting and Management: Streamline financial tracking and project oversight.
- Document Collaboration: Facilitate seamless document sharing and collaboration.
- Communication Tools: Enhance team and client communication within the platform.
Future Developments
- Conversational AI: AI to provide insights from client meetings and predict customer retention likelihood.
- AI-Driven Templates: Automated templates for emails and documents to improve efficiency.
- Enhanced Customer Portal: A website builder-like experience for a consistent client interface.
With this significant investment and strategic enhancements, Rocketlane is poised to set new standards in professional services automation, ensuring that enterprises can deliver projects more efficiently and effectively, ultimately enhancing client satisfaction and business growth.
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Featured Image courtesy of DALL-E by ChatGPT