RapidCanvas secures $29 million in Series B funding for enterprise AI

Enterprise AI startup RapidCanvas has secured $29 million in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round included participation from Hitachi Ventures, Accel, Peak XV Partners, Valley Capital Partners, and Titanium Ventures.

Founded in 2021 by Rahul Pangam and Uttam Phalnikar, the company provides an automation toolkit designed to help large enterprises build, deploy, and monitor custom AI applications. Its platform aims to automate approximately 60% of the work typically required for AI application development through components like the Enterprise Context Engine, which integrates internal business data, and a library of prepackaged application modules.

The company plans to use the new capital to expand its go-to-market operations and strengthen its AI platform. This expansion includes growing field AI engineering operations across India, the United States, and Brazil. RapidCanvas reported that its annual recurring revenue has grown eightfold over the last six quarters, serving over 75 enterprises across sectors such as manufacturing, financial services, and retail.