SaaS firm Rocketlane has raised an additional $24 million in funding. Rocketlane’s automation platform serves professional services teams in the United States, India, and Europe. The company wants to use AI to help businesses comprehend client feedback more thoroughly.
The Challenge for Professional Services Teams
Professional services teams 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 have to juggle multiple tools, causing project delays and client anxiety. A category called professional services automation (PSA) has emerged to address these issues, but many PSA solutions still rely on traditional software, leading to inaccurate project health reports and subpar delivery experiences.
The Solution: Rocketlane’s All-in-One PSA Platform
Headquartered in Utah and Chennai, Rocketlane replaces several tools used by professional services teams for client projects. These tools include time tracking, resource management, project accounting and management, document collaboration, and communication, all integrated into Rocketlane’s all-in-one modern PSA platform.
Founding and Evolution of Rocketlane
Founded in April 2020 by second-time entrepreneurs Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala, Rocketlane initially aimed to support customer onboarding. However, the startup has since broadened its scope to address the needs of professional services teams.
The concept of Rocketlane emerged from the challenges the co-founders faced while onboarding customers at their previous startup, Freshchat, which was acquired by Freshworks in 2015.
“We felt the projects that professional services teams were running were causing a lot of anxiety internally and externally… And the pattern we could see is this is a moment in time when the customer experiences a partnership with the vendor. And so if it goes well, if it’s a happy partnership, then the customer doubles down on that partnership,” Ganesan told TechCrunch.
Target Market and Customer Base
Rocketlane targets mid-market and lower enterprise clients with professional services teams ranging from 150 to 2,000 members. Its customer base includes notable names such as OpenGov, LivePerson, Fivetran, Personio, and Icertis. The startup competes against core PSA platforms like Kantata and project management tools like Asana and Monday.com by combining features from both categories.
Series B Funding and Future Plans
The all-equity Series B funding round, co-led by 8VC, Matrix Partners India, and Nexus Venture Partners, will enable Rocketlane to enhance its PSA platform.
Ganesan revealed that the startup plans to introduce conversational AI to help professional services teams glean signals from client meetings about their ongoing commitment to projects. Rocketlane is also developing AI templates for emails and documents that service teams use. Additionally, the startup is upgrading the customer portal it offers to enterprises, providing a website builder-like experience to align with their brand.
Global Expansion and Growth
Rocketlane currently boasts 500 paying customers worldwide, with 60% of its total revenue coming from the U.S. The startup plans to expand further in the U.S. by hiring more leadership and sales positions. It also aims to enter the European market by hosting a one-day event in September.
Rocketlane has a headcount of 120 people, with 15 based in the U.S. and the remainder in India. To date, the startup has raised $45 million, with its Series A round of $18 million completed in January 2022. Ganesan noted that the startup’s valuation has doubled since the last round, though specific figures were not disclosed. He also mentioned that Rocketlane experienced over 3.1x revenue growth in 2023.
Rocketlane’s recent funding and ambitious plans underscore its commitment to revolutionizing the professional services sector. By leveraging AI and offering a comprehensive PSA platform, Rocketlane aims to enhance the efficiency and effectiveness of professional services teams, ultimately delivering better experiences for both service providers and their clients. As the company expands its global footprint, it is poised to make a significant impact on the industry.
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