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Rocketlane raises $24 million to bring AI-powered experiences to professional service teams

Rocketlane, a SaaS startup that serves professional services teams in countries including the U.S., India, and Europe through its automation platform, has raised $24 million in its latest investment round as it plans to deploy artificial intelligence to help companies better understand customer feedback.

An enterprise’s professional services teams are tasked with delivering projects to clients on time and within budget. However, these teams have no unified solution for such an important task and often switch back and forth between multiple tools to get the job done. This delays project delivery and makes clients anxious. Recently, a category called professional service automation (PSA) has emerged to serve service teams specifically. Despite this, some known PSA solutions still rely on legacy software, resulting in inaccurate project health reports and a poor delivery experience.

Enter Rocketlane. The Utah- and Chennai-based startup replaces several tools professional services teams use for client projects with what it calls an all-in-one Modern PSA platform, including time tracking, resource management, project accounting and administration, document collaboration and communications.

Founded in April 2020 by second-time entrepreneurs Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala, Rocketlane was initially designed to support customer onboarding. However, the company has since expanded its scope and doubled down on catering to the needs of professional services teams.

The concept for Rocketlane grew out of problems the co-founders encountered while onboarding customers at their previous in-app messaging startup, FreshChat, which Freshworks acquired in 2015.

“We felt like the projects that professional services teams were working on were causing a lot of anxiety both internally and externally… and we could see that this was the moment when the customer was building a partnership with the vendor. So if it was going well, if it was a good partnership, then the customer would double down on that partnership,” Ganesan told TechCrunch.

Rocketlane targets mid-market and lower-end enterprise clients with a professional services team of 150 to 2,000. Its customer base includes SalesLoft, OpenGov, LivePerson, Fivetran, and Uniqus. The startup is competing with core PSA platforms like Katana and project management tools like Asana and Monday.com by combining the two.

The all-equity Series B round, co-led by 8VC, Matrix Partners India and Nexus Venture Partners, will help Rocketlane enhance its PSA platform.

Ganesan said the startup plans to introduce conversational AI to help professional services teams get signals from client meetings about whether clients are willing to continue paying for their projects or can put them on hold. Rocketlane is also introducing AI-powered templates for emails and documents used by service teams. In addition, the startup is upgrading its customer portal for enterprise clients to give its customers a website builder-like experience to align with the brand.

Rocketlane currently has 500 paying customers worldwide, with 30% of its total revenue coming from the U.S. The company plans to expand its U.S. presence by hiring more leaders and sales staff. It also plans to host a one-day event in September to expand into Europe.

The startup has a total of 120 employees: 15 in the US and the rest in India.

Rocketlane has raised $45 million to date, with its $18 million Series A round completed in January 2022. Ganesan said the startup’s valuation has increased by about 2x from its previous round, but did not disclose specifics. He also mentioned that the startup’s revenue grew more than 3.1x in 2023.

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