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Rocketlane, a business-to-business (B2B) software-as-a-service (SaaS) platform, raised $24 million in a Series-B funding round that saw the participation of investors such as 8VC, Matrix Partners India, and Nexus Venture Partners.
The company had raised $18 million in a series A funding round in 2022.
The firm claims that the latest funding comes even as it has $11 million in reserves. In total, it has raised $45 million in funding to date.
The SaaS company plans to utilise the capital to accelerate its artificial intelligence (AI) roadmap, enable advanced features on its products, and focus on capabilities that improve 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,” the company said in a statement.
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The firm counts names such as government technology company OpenGov, software firm LivePerson, and Zenoti, among others, as its customers.
“We are thrilled to have the support of our investors as we continue to grow and innovate in the client project delivery space.The team is excited about our upcoming innovations–especially the very 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,” said Srikrishnan Ganesan, CEO &
co-founder, Rocketlane.
Meanwhile, the company announced the appointment of Rao Adavikolanu as Chief Marketing Officer (CMO) to drive its market presence and strategic initiatives.
“This leadership hire demonstrates Rocketlane's commitment to deploying funds toward attracting top-tier talent,” the company added.
Founded in 2020, the company offers customer onboarding and project management solutions, according to market intelligence platform Tracxn.
“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,” said Vikram Vaidyanathan, Managing Director, Matrix India.
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