The corporate artificial intelligence (AI) company RapidCanvas announced on Friday that it has raised $29 million in a Series B funding round. The round was led by Vertex Ventures SEA & India. Hitachi Ventures also participated in the round, along with existing investors including Accel, Peak XV Partners, Valley Capital Partners, and Titanium Ventures.
This funding increases the total amount raised by the company to $52.5 million. RapidCanvas plans to use these funds to expand its go-to-market teams, as well as to grow its network of private equity and consulting service partners. Furthermore, the company intends to scale up its field AI engineering team in India, the United States, and Brazil.
According to RapidCanvas itself, this round followed an eightfold growth in annual recurring revenue over the last six quarters, as enterprises increasingly demand tangible results from custom AI in production processes. The company reported that over 40 percent of its clients are already using multiple AI use cases in their operations.
RapidCanvas combines its AI platform with field AI engineers to provide tailored AI solutions. In this process, engineers study each client's business processes, develop and create custom AI applications, and remain responsible for achieving the results of these applications after implementation.
The platform includes three products: Enterprise Context Engine allows an enterprise to record how a business process functions, starting from requirements and accumulated knowledge to data schemas and decision history, while the context remains the property of the enterprise. Visual Development Canvas enables AI engineers to quickly create custom AI solutions that comply with industry standards. And Operational Harness manages and monitors AI solutions after they are deployed in the working environment.
According to the company, by 2026 alone, over 75 enterprises in the manufacturing, financial services, retail, business services, and infrastructure sectors will have made 1.4 million AI-driven decisions using applications built on RapidCanvas. RapidCanvas serves enterprises with revenues between $100 million and $10 billion that have AI budgets and mandates from top management.
Rahul Pangam, co-founder and CEO of RapidCanvas, stated: 'AI can be a great equalizer, but so far the most significant successes have gone to companies on the Fortune 100 list. We want to provide equal opportunities to every company.' He added that 'Vibe coding simplified getting started with AI, but reliable and secure deployment of AI into production remains the biggest challenge. Our growth over the last six quarters proves that AI in the corporate sector is moving beyond pilot projects and into real operation.'
Piyush Harbanda, General Partner at Vertex Ventures SEA & India, noted: 'Most enterprises are still looking for a real return on their AI spending. RapidCanvas delivers this return by combining an AI platform that is enhanced with every deployment and engineers who work on the ground and are responsible for the final outcome. The proof is that clients continue to expand the use of new features and scenarios.'