Workflow Automation Team at Rocketlane Announces $24 Million in Funding

Companies looking to do more (in terms of quality and efficiency) are taking a good long look at workflow analysis today.

In truth, most organizations would benefit from intensive workflow analysis capabilities that uncover instances of duplicate work, inefficiencies, mismatches between processes, and a lack of integration and communication; all of which, by the way, can slow down work and reduce its overall quality. This is particularly true for organizations that provide professional services.

In this general vein, workflow automation platform Rocketlane recently announced a $24 million Series B funding round as the company expands the opportunity for professional services teams with artificial intelligence (AI) capabilities. The funding round was co-led by 8VC, Matrix Partners India, and Nexus Venture Partners. With this, it brings the total funds raised to $45 million.

Rocketlane has broadened its proposition from supporting customer onboarding to doubling down on solutions for professional services teams. Most teams manage their processes using a manual patchwork of siloed PSA tools or spreadsheets. The results often manifest as project delays and hits to profitability.

By contrast, however, Rocketlane gives professional services teams visibility into every aspect of a project — progress made, stakeholders involved, pending/completed tasks, and delayed items. These help teams prioritize tasks that need their attention while creating an avenue for smooth communication with clients.

In its announcement, Rocketlane noted that it has tripled its revenue and reached over 500 customers in the past year, including enterprise companies that have switched to Rocketlane from legacy Professional Services Automation (PSA) tools. Recent customer wins include industry-leading names like OpenGov, LivePerson, Fivetran, Personio, and Zenoti among others.

"Our unique combination of high-velocity innovation and robust capabilities sets us apart, and has helped us consistently win large, forward-thinking customers, including public companies,” said Srikrishnan Ganesan, CEO and co-founder of Rocketlane, in a statement. “With this new investment, we are committed to accelerating our AI roadmap and redefining the client portal experience. We have equipped ourselves to handle the challenges of rapid growth and continue delivering exceptional value to our clients."