Professional services teams in companies are like the A-Team, a group of individuals who help clients extract the real value of a product or service they have purchased. They deliver on the mission of the company and the promise of the sales teams. However, today, their work is stifled by a mix-and-match of tools and legacy systems. Enabling them to succeed and thrive in their work, workflow automation platform Rocketlane is today announcing 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 $45m.
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.
“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,” commented Srikrishnan Ganesan, CEO & Co-founder of Rocketlane. “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.
As part of its growth strategy, Rocketlane is excited to announce the appointment of Rao Adavikolanu as Chief Marketing Officer (CMO). Rao’s expertise will be instrumental in driving Rocketlane’s market presence and strategic initiatives.
