AI startup RapidCanvas has raised $29 million in a Series B funding round led by Vertex Ventures Southeast Asia and India. The round also saw participation from Hitachi Ventures and existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures.
The latest investment takes RapidCanvas’ total funding to $52.5 million. The company plans to use the capital to expand its go-to-market teams, strengthen strategic partnerships and grow its field AI engineering workforce across India, the United States and Brazil.
Helping enterprises move beyond AI pilots
Founded in 2021, RapidCanvas provides an enterprise AI platform that combines AI agents with human expertise. Its technology helps companies build, deploy and manage custom AI applications, with a focus on moving projects from experimentation to production.
The company serves enterprises with annual revenues between $100 million and $10 billion, particularly those that have allocated budgets for AI but lack the internal resources or technical expertise to develop customised applications.
RapidCanvas combines its software platform with field engineers who work directly with customers to build applications and monitor their performance after deployment.
Revenue and enterprise adoption grow
RapidCanvas said its annual recurring revenue has grown eightfold over the past six quarters. More than 40% of its customers are now running multiple AI use cases in production.
In 2026, over 75 enterprises across manufacturing, financial services, retail, business services and infrastructure used applications built on the platform to make 1.4 million AI-led decisions.
The company’s product suite includes the Enterprise Context Engine, Visual Development Canvas and Operational Harness. Together, these tools help enterprises capture business context, develop AI applications and manage them after deployment.
Expanding teams and global operations
The fresh funding will support RapidCanvas’ commercial expansion and help the company deepen its presence across its key markets. It will also invest in its field engineering capabilities to support more enterprise deployments.
RapidCanvas was co-founded by Rahul Pangam and Uttam Phalnikar, who previously built Simility, an AI-based risk management company acquired by PayPal.
The company had earlier raised $16 million in a Series A round in December 2024, led by Peak XV Partners, with participation from Titanium Ventures, Accel and Valley Capital Partners.
With its latest fundraise, RapidCanvas is looking to increase enterprise adoption of its platform and strengthen its position in the growing market for production-ready AI solutions.
By: Sejal Thakur
