AI startup RapidCanvas has raised $29 million in a Series B funding round led by Vertex Ventures Southeast Asia & India, with participation from Hitachi Ventures and existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures.
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AI startup RapidCanvas has raised $29 million in a Series B funding round led by Vertex Ventures Southeast Asia & India, with participation from Hitachi Ventures and existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures.
The latest round takes the company’s total funding to $52.5 million. 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.
Founded in 2021, RapidCanvas provides an AI platform that combines AI agents with human expertise to help enterprises build and deploy custom AI applications. Its platform aims to help businesses move AI projects from pilots to production.
The company said its annual recurring revenue grew 8x over the past six quarters. More than 40% of its customers now run multiple AI use cases in production. In 2026, over 75 enterprises across manufacturing, financial services, retail, business services and infrastructure made 1.4 million AI led decisions using applications built on its platform.
RapidCanvas offers three core products: Enterprise Context Engine, Visual Development Canvas and Operational Harness. These products 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.
In December 2024, RapidCanvas raised $16 million in a Series A funding round led by Peak XV Partners, with participation from Titanium Ventures, Accel and Valley Capital Partners. The round took its total funding to $23.5 million at the time.
RapidCanvas was co founded by Rahul Pangam and Uttam Phalnikar, who previously built Simility, an AI based risk management company acquired by PayPal. The founders have positioned RapidCanvas around a hybrid model that combines AI tools with human expertise to develop and deploy enterprise AI applications.
With the latest funding, the company plans to expand its commercial operations and engineering team as it looks to increase the adoption of its AI platform among enterprises.
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