Rocketlane champions professional services teams, the OGs of
after sales experts, with an all-in-one AI powered platform to
deliver the promise of sales and removes siloed project management
and inefficiencies.
SAN
MATEO, Calif., June 25,
2024 /PRNewswire/ -- 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.
Srikrishnan Ganesan, CEO &
Co-founder, Rocketlane commented: "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. With this new investment, we are
committed to accelerating our AI roadmap and redefining the client
portal experience," adding, "We have equipped ourselves to handle
the challenges of rapid growth, and continue delivering exceptional
value to our clients."
Nav Kalra, VP of Professional
Services at OpenGov, a Rocketlane customer said, "In a sea of
legacy tools, Rocketlane stands out as a modern, disruptive force
in the PSA software landscape with its all-in-one platform. The
intuitive interface and unparalleled client-facing experience make
managing client projects a breeze. We're thrilled to partner with
Rocketlane as we continue to revolutionize the way we work."
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.
This growth follows another significant milestone for the
company. Rocketlane was crowned the G2 Momentum Leader in the PSA
category for three consecutive quarters, in addition to securing
199 other G2 badges in the Spring 2024 report. Today, Rocketlane is
the go-to choice for services firms that want to elevate their
project delivery experience and optimize their utilization
margins.
The company was founded in April
2020 by second-time entrepreneur trio — Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala. Previously, the trio built a
successful in-app messaging (FreshChat) startup that was acquired
by Freshworks (NASDAQ: FRSH) in 2015 and started Rocketlane in
response to problems they faced onboarding their own customers to
FreshChat.
"Rocketlane has reshaped enterprise client project delivery,
replacing tired, legacy PSA approaches with elegant software and
deployment," said Bhaskar Ghosh,
Partner at 8VC. "Speed and agility matter when you become the
leader in a category like customer onboarding. Rocketlane has
achieved precisely that since their Series A, showing themselves to
be both visionaries and incredibly hard-nosed executors. We are
thrilled to continue supporting Rocketlane and Sri, Deepak, and
Vignesh, founders who lead with a rare blend of thought, culture,
and action."
Jishnu Bhattacharjee, Nexus
Ventures Partners, added: "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."
Vikram Vaidyanathan, Managing
Director, Matrix India, added: "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."
To date, the company has seen remarkable success with key
customers such as Icertis, Drift, Moveworks, and Clari.
Rocketlane customer Siva Rajamani, CEO, Everstage
commented: "We have accelerated customer wins by 35%, and helped
our post-sales teams build stronger partnerships with customers
from the start of their journey. Rocketlane elevates our customer
experience in delivery with strong automation and consistency into
our execution with customers".
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.
Looking ahead, Rocketlane is committed to attracting more
top-tier talent and executing its AI-first roadmap to make
onboarding and project deliveries chaos-free. Srikrishnan Ganesan added: "The team is
excited about our upcoming innovations–especially the unique AI
capabilities and the first-of-its-kind dynamic client portal in
this space–that will expand the gap between Rocketlane and the
competition".
About Rocketlane
Rocketlane is a purpose-built PSA and
client onboarding platform that helps businesses deliver
predictable outcomes, accelerate time-to-value, and improve team
utilization and project profitability. The platform reimagines
service delivery for teams by replacing legacy PSA and generic
project tools with an all-in-one and modern client-centric
platform. Rocketlane offers a unique, unified workspace that
improves communication, collaboration, and project visibility for
businesses and their clients. It equips teams with trends and
benchmarks across projects, which in turn helps them develop and
optimize playbooks and processes. To learn more about Rocketlane,
visit www.rocketlane.com.
Contact
Varun Singh
379634@email4pr.com
+91-8369283466
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SOURCE Rocketlane