RapidCanvas, an enterprise artificial intelligence (AI) company, has raised $29 million (Rs 275 crore) in a Series B funding round led by Singapore-headquartered early-stage venture capital firm Vertex Ventures Southeast Asia & India.
The round also saw participation from Hitachi Ventures and existing investors, including Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures.
Founded by Rahul Pangam and Uttam Phalnika, RapidCanvas is a managed AI execution company that helps organizations take AI initiatives from concept to production and scale by pairing human experts with a purpose-built agentic platform. It targets enterprises with annual revenue of $100 million to $10 billion that have AI budgets and mandates from senior executives but no proven path to outcome.
RapidCanvas will use the fresh capital to expand its go-to-market teams and network of private equity and advisory partners. It will also strengthen its field AI engineering team across India, the US and Brazil.
Further, it will invest in its three products, deepening the capabilities of Enterprise Context Engine, expanding the skills library behind its Visual Development Canvas, and strengthening governance in its Operational Harness.
"AI can be the great equalizer, but so far its biggest wins have gone to Fortune 100. We want to give every enterprise the same opportunity," said co-founder and CEO Pangam. "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."
RapidCanvas claims to have grown its annual recurring revenue (ARR) 8x in the past 18 months.
The latest funding round, which takes the company’s total funding to $52.5 million, comes less than two years after it raised $16 million in a Series A round led by Peak XV Partners in December 2024. The company had previously raised $7.5 million in a seed round in March 2024.
