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Rocketlane to Enhance AI-Powered Experiences for Professional Services Teams

Image Credits: Rocketlane
By: Headliners News / June 25, 2024

The fast-growing SaaS startup Rocketlane, which provides automation solutions for professional services teams globally, has recently secured $24 million in new funding. The investment aims to deploy AI capabilities to help enterprises better understand and act on customer feedback, thereby improving project delivery and client satisfaction.

Professional services teams are responsible for delivering projects on time and within budget. Despite the critical nature of their work, these teams often lack unified tools, leading to reliance on multiple applications for tasks such as time tracking, resource management, and document collaboration. This fragmentation can delay project delivery and cause client anxiety. Traditional Professional Services Automation (PSA) solutions often fail to provide accurate project health reports and superior delivery experiences due to their outdated software.

Rocketlane’s PSA Solution

Rocketlane, headquartered in Utah and Chennai, addresses these challenges by consolidating various tools into a single, modern PSA platform. It offers functionalities including time tracking, resource management, project accounting, document collaboration, and communication, providing a cohesive solution for professional services teams.

The startup was founded back in April 2020 by Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala, who previously founded FreshChat, which was later acquired by Freshworks. Initially focused on customer onboarding, Rocketlane has since expanded its scope to meet the broader needs of professional services teams.

The concept of Rocketlane was inspired by the founders’ experiences with customer onboarding at FreshChat. They observed that professional services projects often caused internal and external anxiety and recognized the importance of smooth project execution in fostering strong customer-vendor partnerships.

Funding and Future Growth Plans

Rocketlane’s recent Series B funding round, co-led by 8VC, Matrix Partners India, and Nexus Venture Partners, will be used to enhance its PSA platform with AI capabilities.

The startup plans to introduce conversational AI to capture signals from client meetings, helping teams understand customer sentiment and project continuation likelihood. Additionally, AI-powered templates for emails and documents will streamline communication, and an upgraded customer portal will offer a website builder-like experience to align with enterprise branding.

Market Position and Expansion

Rocketlane targets mid-market and lower enterprise clients with professional services teams of 150 to 2,000 members. Its client base includes companies like OpenGov, LivePerson, Fivetran, Personio, and Icertis. By combining core PSA functionalities with project management tools, Rocketlane competes with platforms like Kantata, Asana, and Monday.com.

With 500 paying customers, Rocketlane derives 60% of its revenue from the U.S. The fast-growing startup plans to expand its U.S. operations by hiring more leadership and sales personnel and is eyeing European expansion through a one-day event in September. Currently, Rocketlane employs 120 people, with 15 team members based in the U.S. and the remainder in India.

To date, Rocketlane has raised $45 million in funding, including an $18 million Series A round in January 2022. Their business valuation has doubled since the last funding round, and it achieved a revenue growth of over 3.1x in 2023.

Considering Rocketlane for automating professional services

Rocketlane is gearing up to revolutionize the professional services automation space by integrating advanced AI capabilities into its comprehensive PSA platform. With new funding and a strategic focus on enhancing customer experiences, Rocketlane aims to streamline project delivery and foster stronger client relationships, setting a new standard for professional services teams worldwide.

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