RapidCanvas, an enterprise AI startup based in Austin, Texas, secured $29 million in a Series B funding round. The investment was led by Vertex Ventures Southeast Asia & India with participation from Hitachi Ventures. Existing investors Accel, Peak XV Partners, Valley Capital Partners, and Titanium Ventures also contributed, bringing the company's total funding to $52.5 million.
The company reported an eightfold increase in annual recurring revenue over the past six quarters. Currently, more than 40% of its customers operate multiple AI applications in production. RapidCanvas targets businesses with annual revenues between $100 million and $10 billion, offering a hybrid model that combines AI software with dedicated field engineering support.
The platform consists of three main components: an Enterprise Context Engine, a Visual Development Canvas, and an Operational Harness. The company claims its reusable code library provides a 60% head start for new projects. In 2026, over 75 enterprises across various sectors utilized the platform to facilitate 1.4 million AI-assisted decisions.
RapidCanvas plans to allocate the new capital toward hiring additional field AI engineers in the United States, Brazil, and India. The company also intends to invest in its software platform, enhance application governance, and expand its sales operations and partner network to support its growth strategy.
