SaaS

Rocketlane Raises $24 Million in Series B Funding to Enhance AI Capabilities

• ByStartupStory     |    June 26, 2024

Chennai and US-based B2B SaaS firm Rocketlane has successfully raised $24 million in a Series B funding round. The round was co-led by 8VC, Matrix Partners India, and Nexus Venture Partners, bringing the company’s total funding to $45 million.

The newly acquired funds will be pivotal in advancing Rocketlane’s AI roadmap and developing enhanced product capabilities, making the client project delivery sector more competitive. Rocketlane’s software streamlines the customer onboarding process by consolidating various communication channels and project management tools into one unified platform. This innovation replaces traditional project management and collaboration tools, providing comprehensive visibility of projects.

Srikrishnan Ganesan, co-founder and CEO of Rocketlane, highlighted the strategic timing of this funding, stating, “This funding comes at a time when the start-up already has around 60 percent of the funds raised in the previous round in its kitty and is more pre-emptive to support its growth plans. We have plans to go wider and be even more ‘all-in-one’ with automating more upstream and downstream workflows compared to where we play today. It will also help us in launching new products and help us bring more AI features across operations, delivery, governance, and insights.”

To support its growth strategy, Rocketlane recently appointed Rao Adavikolanu as Chief Marketing Officer (CMO) and Brett Jarvis as VP of Customer Success and Experience. These strategic hires aim to bolster Rocketlane’s market presence and drive its strategic initiatives.

The company has experienced significant growth, tripling its revenue over the past year and adding over 500 customers in 2023. Notable customers include OpenGov, LivePerson, Fivetran, Personio, and Zenoti. Rocketlane’s growth is driven by the increasing demand for efficiency and cost optimization in professional services teams and the enterprise adoption of AI-enabled software. Currently, 18 percent of Rocketlane’s clients are based in India, making it the company’s second-largest market. Prominent Indian SaaS companies such as Amagi, Chargebee, Icertis, Verloop, yellow.ai, and Clevertap are among Rocketlane’s customers. The company employs approximately 110 people in Chennai and around 15 outside India.

Jishnu Bhattacharjee, Managing Director of Nexus Ventures Partners, expressed his enthusiasm, saying, “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 of 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.”

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