RapidCanvas Raises $29M Series B to Scale Enterprise AI Applications Across US, Brazil and India

RapidCanvas Secures $29M Series B Funding

RapidCanvas, an AI agent startup based in Austin, has raised $29M in Series B funding led by Vertex Ventures SEA & India, with new investor Hitachi Ventures joining the round.1

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Existing investors Accel, Peak XV Partners, Valley Capital Partners, and Titanium Ventures also participated, bringing the company's total funding to $52.5M following a $16M Series A in December 2024.2

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Enterprise AI Applications for Businesses Drive Growth

Founded in 2021 by Rahul Pangam and Uttam Phalnikar, RapidCanvas combines an AI agent platform with field engineers who learn how clients operate and build custom AI applications for businesses.1

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These applications connect to and update business software including CRM and ERP systems, enabling enterprises to deploy AI across their operations.1

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The startup's annual recurring revenue has grown eightfold over the past six quarters, though specific revenue figures were not disclosed.3

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Expansion Plans Target Multiple Markets

RapidCanvas will deploy the fresh capital to expand sales teams and AI engineering teams across the US, Brazil, and India.2

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The company also plans to strengthen partnerships with private equity firms and advisers while investing in its three core products.3

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These include deepening the Enterprise Context Engine, which stores business rules and definitions for AI applications to use, expanding the Visual Development Canvas skills library, and strengthening governance in the Operational Harness.3

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Strong Enterprise Adoption Across Industries

More than 75 enterprises across manufacturing, financial services, retail, business services, and infrastructure have used RapidCanvas applications in 2026, making 1.4 million AI-led decisions on the platform.3

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The startup follows a subscription-based model and targets large enterprises with AI budgets but lacking in-house expertise to move beyond pilot projects.3

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Companies like PayPal, TresVista, Yale Appliances, Orion, and Treetech have adopted the platform.3

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Addressing the Production Gap in Enterprise AI

CEO Rahul Pangam emphasized that while "AI can be the great equalizer, so far its biggest wins have gone to the Fortune 100."1

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He noted that "vibe coding has made it easy to start building with AI. Getting AI into production reliably and safely still remains the biggest gap."3

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The company's growth reflects a broader shift as AI in enterprises moves beyond pilots into production and real operations.3

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Growing Investor Interest in Enterprise AI Tools

RapidCanvas joins a growing ecosystem of enterprise AI startups attracting investor attention. Other startups addressing similar challenges include Uvi, which raised $7.5M to give AI agents company context, and Dust, which secured $40M to help teams use AI together at work.1

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The trend is reflected in broader funding data, with AI startup funding in India surging 265% year-over-year to $438M in Q3 2026.3

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However, 63% of institutional investors surveyed see some degree of froth in Indian AI startup valuations, with half expecting a correction within 18 months.3

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Vertical AI applications across sectors including BFSI, healthcare, defense, and agriculture emerged as the leading investment choice, with 39% of investors expecting them to capture the most value over the next five years.3

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