SaaS startup Rocketlane, headquartered in Utah and Chennai, has successfully raised $24 million in new funding to enhance its automation platform for professional services teams across the U.S., India, and Europe. The company aims to leverage artificial intelligence to help enterprises gain deeper insights into customer feedback.
Professional services teams are responsible for delivering projects on time and within budget, yet they often struggle with fragmented solutions that force them to manage multiple tools. This fragmentation not only delays project completions but also heightens client anxiety. In response, a new category known as professional services automation (PSA) has emerged, although many existing PSA solutions still rely on outdated software, leading to inaccuracies in project health reports and less-than-optimal delivery outcomes.
Enter Rocketlane. The startup replaces multiple tools used by professional services teams—such as time tracking, resource management, project accounting, and communication—with its integrated, modern PSA platform. Founded in April 2020 by seasoned entrepreneurs Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala, Rocketlane originally focused on enhancing customer onboarding but has since expanded to address a broader range of needs for professional services teams.
The inspiration for Rocketlane arose from challenges the co-founders faced during customer onboarding at Freshchat, their previous in-app messaging venture that was acquired by Freshworks in 2015. “We noticed that the projects managed by professional services teams were causing significant stress for both teams and clients. This is a crucial moment where the customer forms a partnership with the vendor. A positive experience fosters a stronger partnership,” Ganesan shared.
Rocketlane primarily targets mid-market and lower enterprise clients with professional services teams ranging from 150 to 2,000 members. Notable clients include OpenGov, LivePerson, Fivetran, Personio, and Icertis. The startup competes with established PSA platforms like Kantata and project management tools including Asana and Monday.com by offering a comprehensive solution that combines both functionalities.
The recent all-equity Series B funding, co-led by 8VC, Matrix Partners India, and Nexus Venture Partners, will help Rocketlane further develop its PSA platform. Ganesan revealed plans to integrate conversational AI to capture insights from client meetings, allowing teams to gauge customer commitment to their projects. Additionally, Rocketlane is launching AI-driven templates for emails and documents that service teams commonly use and enhancing the customer portal to offer a more branded experience for enterprises.
Currently, Rocketlane serves 500 paying customers worldwide, with 60% of its revenue derived from the U.S. The company is expanding its U.S. presence by hiring leadership and sales positions, and it plans to grow its footprint in Europe, hosting a dedicated event in September.
With a team of 120 employees—15 in the U.S. and the remainder in India—Rocketlane has raised a total of $45 million to date, following its Series A funding of $18 million in January 2022. Ganesan reported that the startup’s valuation has approximately doubled since its last funding round, without disclosing exact figures, and noted an impressive growth of over 3.1x in revenue for 2023.
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