RapidCanvas has secured $29 million in a Series B funding round. The investment was led by Vertex Ventures SEA & India, with participation from Hitachi Ventures, Accel, Peak XV Partners, Valley Capital Partners, and Titanium Ventures. This follows a $16 million investment round in 2024.
The startup focuses on building custom AI applications for enterprises with annual revenues between $100 million and $1 billion. Its platform, the RapidCanvas Enterprise AI Platform, reportedly automates approximately 60% of the development process. The company has served over 75 clients across manufacturing, finance, and retail sectors.
The platform includes the Enterprise Context Engine, which integrates internal business data to improve model accuracy, and a library of pre-packaged modules for tasks like user authentication and document processing. A tool called Operational Harness is used to verify application reliability against specific performance criteria.
RapidCanvas reports that its annualized revenue has increased eightfold over the last 18 months. The company plans to utilize the new capital to expand its engineering and go-to-market teams as it shifts focus from pilot projects to full-scale production deployments for its enterprise customers.
