SaaS startup Rocketlane raises $24M in a Series B funding round; Know about the startup

Rocketlane, a SaaS startup with offices in Chennai and Utah, has raised $24 million in a Series B funding round co-led by 8VC, Matrix Partners India, and Nexus Venture Partners.

Prior to this, the startup raised $18 million in a Series A round in January 2022 and $3 million in a seed round in June 2021. The current round brings its all-time raise to $45 million.

The latest round of funding would help Rocketlane to advance its AI capabilities, enabling a better understanding of customer feedback and improving project delivery for professional services teams.

The funding will also help enhance their PSA platform, introduce conversational AI for client meetings, and upgrade their customer portal.

What does Rocketlane do? 

Founded in April 2020 by Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala, Rocketlane initially focused on customer onboarding but has since broadened its scope. The startup now supports various tasks, including time tracking, resource management, project accounting, document collaboration, and communication.

The startup offers a purpose-built unified workspace for collaborating with customers for onboarding projects. It helps businesses shorten their time-to-value, streamline their software implementation, and provide real-time visibility.

Rocketlane's AI initiatives

With the new investment, Rocketlane plans to integrate advanced AI features into its platform. These include conversational AI that can analyze client meetings to gauge customer satisfaction and predict future engagement.

Additionally, the startup is working on AI templates for emails and documents used by service teams.

Rocketlane's goal is to streamline project management and improve the accuracy of project health reports, thus ensuring timely and budget-compliant project deliveries.

Targeting mid-market and lower enterprise clients

Rocketlane targets mid-market and lower enterprise clients with professional services teams of 150 to 2,000 members. The startup's customer base includes SalesLoft, OpenGov, LivePerson, Fivetran, Personio, and Icertis. 

It plans to expand its presence in the U.S. by increasing its leadership and sales positions. Additionally, Rocketlane is eyeing expansion into Europe, with a one-day event planned in September to bolster its market presence.

Investors comment

“The Rocketlane team has a great opportunity to replace legacy PSA software with their AI roadmap and great user experience. The company has executed this vision with rapid adoption and has solidified its industry-leading position. We are excited to reinforce our commitment to them,” said Vikram Vaidyanathan, Managing Director, Matrix India.

Jishnu Bhattacharjee, Managing Director, Nexus Ventures Partners, said, “We are thrilled to double down on backing Sri and the team at Rocketlane as they transform the PSA and customer onboarding categories with their industry-leading, AI-powered product and fast-growing list of marquee customers.”

Appointment of CMO

As part of its growth strategy, Rocketlane has appointed Rao Adavikolanu as Chief Marketing Officer (CMO). Rao, previously the CMO of San Francisco-based Pilot.com, brings significant expertise to drive Rocketlane's market presence and strategic initiatives.

The startup claims to have witnessed a 3.1x increase in revenues and now serves over 500 paying customers globally, with 60% of its revenue coming from the U.S.