PSA Disruptor Rocketlane Raises $24M to Power AI-Powered Growth

June 24, 2024: Rocketlane, a leading provider of purpose-built Professional Services Automation (PSA) and client onboarding platforms, has secured $24 million in a Series B funding round. The funding will augment its growth plans and AI roadmap.

According the company , despite still having $11 million in the bank from the previous $18 million they raise this round of funding. Further, the company stated it is integrating advanced AI capabilities to revolutionize project delivery, governance, and operations with copilot experiences, automations, forecasting, insights, and recommendations.

“We are committed to elevating the client project delivery experience for both internal teams and customers,” said Srikrishnan Ganesan, CEO & Co-founder of Rocketlane. “Our unique approach focuses on adding value not just through internal operations improvements, but also by providing customers with new experiences that enhance productivity and forge stronger partnerships with service delivery teams.”

The fresh capital will be invested to accelerate the startup’s AI development ambitions. This includes the development of cutting-edge features and functionalities designed to streamline client project delivery and empower businesses to achieve predictable outcomes.

The California- and Chennai-based company has recorded a remarkable growth trajectory, tripling its revenue in the past year and surpassing the 500-customer mark in 2023. This impressive achievement is further bolstered by the successful migration of several enterprises from legacy PSA tools to the firm’s innovative platform.

“Over the next few years, we plan to expand into new regions,” shared Ganesan. “While we have specific business volume thresholds for establishing a physical presence, we’re already actively investing in regional initiatives. This includes hosting our own event in the UK later this year.”

The startup disruptive approach to client project delivery has garnered significant industry recognition.

Founded in 2020, the B2B SaaS platform empowers businesses to deliver predictable outcomes, optimize team utilization, and enhance project profitability through its robust PSA and client onboarding platform. Renowned organizations like OpenGov, LivePerson, Fivetran, Personio, and Zenoti trust Rocketlane to deliver exceptional client project experiences

Rocketlane has fundamentally reshaped how enterprises approach client project delivery,” said Bhaskar Ghosh, Partner at 8VC, a lead investor in the Series B round. “Their elegant software and deployment model effectively replace outdated PSA solutions. The speed and agility they’ve demonstrated since their Series A funding solidify their position as both visionaries and exceptional executors.”

Rocketlane onboards new chief marketing officer

As part of its strategic growth plan, the startup has also welcomed Rao Adavikolanu as its Chief Marketing Officer. The Series B funding round underscores the confidence leading venture capital firms have in the firm’s future.

“The Rocketlane team has a tremendous opportunity to revolutionize the PSA landscape with their AI roadmap and exceptional user experience,” said Vikram Vaidyanathan, Managing Director of Matrix India. “Their rapid adoption and industry-leading position are a testament to their vision and execution capabilities. We’re thrilled to reinforce our commitment to their success.”

“We are delighted to double down on our support for Sri and the entire Rocketlane team,” echoed Jishnu Bhattacharjee of Nexus Venture Partners. “Their AI-powered platform and impressive roster of marquee clients solidify their position as a leader in transforming the PSA and client onboarding categories.”

This latest investment brings the startup total funding to $45 million, propelling the company’s mission to revolutionize client project delivery through advanced AI capabilities.

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