Enterprise artificial intelligence (AI) company RapidCanvas on Friday said it raised $29 million in a Series B funding round led by Vertex Ventures SEA & India. The round also saw participation from Hitachi Ventures and existing investors, including Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures.
The financing brings the company’s total funding to $52.5 million. RapidCanvas plans to use the funding to grow its go-to-market teams and expand its network of private equity and advisory partners. It is also looking to grow its field AI engineering team across India, the United States and Brazil.
According to RapidCanvas, the raise follows eightfold growth in annual recurring revenue over the past six quarters as enterprises demand outcomes from custom AI in production. More than 40 per cent of RapidCanvas' customers now run multiple AI use cases in production, the company said.
RapidCanvas pairs its AI platform with field AI engineers to deliver custom AI solutions. In this process, AI engineers learn each customer's business processes, design and build custom AI applications, and stay accountable for the applications' outcomes after delivery.
The platform brings together three products: The Enterprise Context Engine lets an enterprise capture how a business process runs, from requirements and tribal knowledge to data schemas and decision history, and the enterprise owns that context. The Visual Development Canvas lets AI engineers rapidly build custom AI solutions that meet industry benchmarks. The Operational Harness manages and governs AI solutions once they're deployed in production.
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According to the company, so far in 2026, more than 75 enterprises in manufacturing, financial services, retail, business services and infrastructure have made 1.4 million AI-led decisions with applications built on RapidCanvas. RapidCanvas serves enterprises with $100 million to $10 billion in revenue that have AI budgets and C-suite mandates.
"AI can be the great equalizer, but so far its biggest wins have gone to the Fortune 100. We want to give every enterprise the same opportunity," said Rahul Pangam, co-founder and chief executive officer of RapidCanvas. "Vibe coding has made it easy to start building with AI. Getting AI into production reliably and safely still remains the biggest gap. Our growth over the past six quarters is evidence that AI in enterprises is moving beyond pilots into production and real operations."
“Most enterprises are still searching for real returns on their AI spend. RapidCanvas delivers them by pairing an AI platform that compounds with every deployment and forward-deployed engineers who own the outcome end to end. The proof is in the customer pull: enterprises keep expanding into new use cases and functions,” said Piyush Kharbanda, general partner at Vertex Ventures SEA & India.