RapidCanvas raises USD $29 million in Series B round

RapidCanvas has raised USD $29 million in Series B funding in a round led by Vertex Ventures SEA & India, with participation from Hitachi Ventures.

Existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures also joined the financing, bringing total funding to USD $52.5 million.

The Austin-based company sells AI software and services to mid-sized enterprises and larger companies seeking custom AI systems for live operations. It will use the new capital to expand its go-to-market teams, add private equity and advisory partners, and grow its field AI engineering team across the US, Brazil and India.

RapidCanvas also plans to invest in three parts of its platform: the Enterprise Context Engine, the Visual Development Canvas and the Operational Harness. These products are designed to help customers document business processes, build AI applications and manage them after deployment.

The funding comes as companies continue to test whether AI projects can move from pilot programmes into routine business use. RapidCanvas targets organisations with revenue of USD $100 million to USD $10 billion that have budgets and board-level support for AI but lack in-house teams or a clear delivery model.

The company says it has recorded eightfold growth in annual recurring revenue over the past six quarters. More than 40% of its customers now run multiple AI use cases in production.

So far this year, more than 75 enterprises across manufacturing, financial services, retail, business services and infrastructure have made 1.4 million AI-led decisions using applications built on the platform, according to RapidCanvas.

Its approach combines software with engineers who work directly with customers to design and implement AI systems. RapidCanvas argues that this model addresses a gap between consulting firms, which can be costly and slow, and self-service software platforms, which often require specialist technical staff.

In its own market research, based on conversations with more than 400 business leaders, the company found that many senior executives expect returns on AI investments within six to 12 months, while relatively few organisations have moved beyond trials and proofs of concept.

Rahul Pangam, Co-Founder and Chief Executive Officer of RapidCanvas, said the company sees a broadening market for deployed AI rather than experimental work.

"AI can be the great equalizer, but so far its biggest wins have gone to the Fortune 100. We want to give every enterprise the same opportunity," Pangam said.

"Vibe coding has made it easy to start building with AI. Getting AI into production reliably and safely still remains the biggest gap. Our growth over the past six quarters is evidence that AI in enterprises is moving beyond pilots into production and real operations," he said.

For investors, the company's sales momentum and repeat business appear central to the investment case. Vertex Ventures SEA & India pointed to customer expansion across departments and use cases as a sign that buyers want systems tied to measurable outcomes.

"Most enterprises are still searching for real returns on their AI spend. RapidCanvas delivers them by pairing an AI platform that compounds with every deployment and field AI engineers who own the outcome end to end. The proof is in the customer pull: enterprises keep expanding into new use cases and functions. We're excited to lead this Series B and back a team that has built and scaled this playbook before," said Piyush Kharbanda, General Partner at Vertex Ventures SEA & India.

Hitachi Ventures framed the investment around the cost and repeatability of AI deployment, saying it sees value in models that make custom work more standardised over time.

"Enterprise AI will ultimately be measured by the economics of delivering outcomes at scale. RapidCanvas combines hands-on engineering with a productized platform, allowing what starts as custom delivery to become increasingly repeatable and scalable. That shift from services economics toward software economics is core to our AInomics thesis at Hitachi Ventures, and we're glad to partner with the team as they scale," said Radhika Ananth, Head of India and Investment Director at Hitachi Ventures.