Originals · Startup · AI & Tech
RapidCanvas raises $29 Mn to take enterprise AI from pilot to production
Vertex Ventures SEA & India led the Series B. The company pairs its platform with field engineers who stay with each deployment.
RapidCanvas has raised $29 Mn in a Series B round led by Vertex Ventures SEA & India, with Hitachi Ventures joining existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures. The company says the round takes its total funding to $52.5 Mn.
Founded in 2021 by Rahul Pangam and Uttam Phalnikar, RapidCanvas builds custom AI applications for large companies and runs them in production. Its engineers learn a customer's processes, build the application on the RapidCanvas platform and stay accountable for its outcomes after delivery, according to the Vertex Ventures announcement. The service is sold at subscription pricing.
The company reports that annual recurring revenue grew 8X over the past six quarters and that more than 40% of its customers run several AI use cases in production. The announcement adds that more than 75 enterprises in manufacturing, financial services, retail, business services and infrastructure have used applications built on the platform so far in 2026.
The money goes to go-to-market teams, partnerships with private equity and advisory firms, and a larger field AI engineering team across India, the US and Brazil. It will also fund work on its three products: the Enterprise Context Engine, the Visual Development Canvas and the Operational Harness.
