Rocketlane raises $24 million to build AI products

CHENNAI: Chennai and US-based software services firm Rocketlane has raised $24 million in a Series B funding round, co-led by 8VC, Matrix Partners India and Nexus Venture Partners.
The total funds raised by Rocketlane stands at $45 million, and the startup aims at using the funds for an artificial intelligence roadmap- to build AI-based products and capabilities in 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 press statement on Tuesday.
The business to business (B2B) SaaS platform for client project delivery had $11 million in the bank and tripled its revenue over the past year, reaching over 500 customers in 2023, it said.
The growth is fuelled by a stronger need for efficiency and cost optimization in professional services teams as well as more enterprise deployments of software with AI modules.
Srikrishnan Ganesan, chief executive and co-founder of Rocketlane, said, “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.”
Jishnu Bhattacharjee, managing director, Nexus Ventures Partners, added, “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.”
Rocketlane has announced the appointment of Rao Adavikolanu as chief marketing officer (CMO).