RapidCanvas Raises $29 Million in Series B Funding
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Khushi Jain
- October 16, 2026
AI startup RapidCanvas has raised $29 million in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from Hitachi Ventures and existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures.
The latest funding brings RapidCanvas’ total funding to $52.5 million. The company plans to use the proceeds to expand its go-to-market teams, strengthen partnerships and grow its field AI engineering team across India, the US and Brazil.
Founded in 2021, RapidCanvas provides an AI platform that combines AI agents with human expertise to help enterprises build and deploy custom AI applications. Its platform is designed to help businesses move AI projects from pilot stages to production.
The company said its annual recurring revenue grew 8x over the past six quarters. More than 40% of its customers now run multiple AI use cases in production.
In 2026, over 75 enterprises across manufacturing, financial services, retail, business services and infrastructure made 1.4 million AI-led decisions using applications built on the RapidCanvas platform.
RapidCanvas’ Enterprise AI Platform
RapidCanvas offers three core products: Enterprise Context Engine, Visual Development Canvas and Operational Harness. These products help enterprises capture business context, develop custom AI applications and manage AI solutions after deployment.
The company targets enterprises with annual revenue ranging from $100 million to $10 billion. These businesses have AI budgets but may lack the resources or expertise required to deploy custom AI applications.
RapidCanvas follows a model that combines its AI platform with field engineers who work directly with customers to build applications and oversee their outcomes after deployment.
Previous Funding and Founders
In December 2024, RapidCanvas raised $16 million in a Series A funding round led by Peak XV Partners, with participation from Titanium Ventures, Accel and Valley Capital Partners. The round took the company’s total funding to $23.5 million at the time.
RapidCanvas was co-founded by Rahul Pangam and Uttam Phalnikar, who previously built Simility, an AI-based risk management company acquired by PayPal.
The founders have positioned RapidCanvas around a hybrid model that combines AI tools with human expertise to develop and deploy enterprise AI applications.
With the latest funding, RapidCanvas plans to expand its commercial operations and engineering team as it looks to increase enterprise adoption of its AI platform.
FAQs
1. How much funding has RapidCanvas raised in its Series B round?
RapidCanvas has raised $29 million in a Series B funding round led by Vertex Ventures Southeast Asia & India.
2. What is RapidCanvas’ total funding after the Series B round?
The latest round takes the company’s total funding to $52.5 million.
3. What does RapidCanvas do?
RapidCanvas provides an AI platform that combines AI agents with human expertise to help enterprises build and deploy custom AI applications.
4. Who founded RapidCanvas?
RapidCanvas was co-founded by Rahul Pangam and Uttam Phalnikar, who previously built Simility, an AI-based risk management company acquired by PayPal.
5. How does RapidCanvas plan to use the latest funding?
The company plans to expand its go-to-market teams, strengthen partnerships and grow its field AI engineering team across India, the US and Brazil.
