RapidCanvas raises $29M Series B led by Vertex Ventures
See who backed the enterprise AI startup and why it matters globally.
- Raised
- $29M
- Stage
- Series B
- Status
- Announced
RapidCanvas has raised $29 million in a Series B funding round led by Vertex Ventures Southeast Asia & India. Hitachi Ventures also participated, along with existing investors Accel, Peak XV Partners, Valley Capital Partners, and Titanium Ventures.
The company will use the proceeds to expand its go-to-market teams, strengthen partnerships and grow its field AI engineering team across India, the US and Brazil. In December 2024, it raised $16 million in a Series A led by Peak XV Partners.
Founded in 2021, RapidCanvas provides an AI platform that combines AI agents with human expertise, so enterprises can build and deploy custom AI applications. Its platform aims to help businesses move AI projects from pilots to production.
Its three core products are Enterprise Context Engine, Visual Development Canvas, and Operational Harness. They help enterprises capture business context, develop custom AI applications, and manage deployed AI solutions.
The company targets enterprises with annual revenue of $100 million to $10 billion that have AI budgets but lack the resources or expertise to deploy custom AI applications.
Its model combines an AI platform with field engineers who work with customers to build applications and oversee their outcomes after deployment.
The company says its annual recurring revenue grew 8x over the past six quarters. It also says more than 40% of its customers now run multiple AI use cases in production.
The founders, Rahul Pangam and Uttam Phalnikar, previously built Simility, an AI-based risk management company PayPal acquired.
