Austin-based RapidCanvas, a hybrid platform that pairs autonomous AI agents with a no-code interface to let enterprises stand up custom production AI, has successfully raised $29 million in a Series B funding round led by Vertex Ventures SEA & India and Hitachi Ventures. According to the company's announcement, Hitachi Ventures joined the startup's cap table, while existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures also participated in the round. With this latest investment, RapidCanvas has now raised a total of $52.5 million in funding. As reported by Business Standard, the financing brings the company's total funding to $52.5 million and will support expansion of its go-to-market teams, field AI engineering operations and partner network.
The company plans to utilize the funding to expand its go-to-market teams and network of private equity and advisory partners. As reported by RapidCanvas, the startup also intends to grow its field AI engineering team across India, the US and Brazil. According to Business Standard, the funding comes as venture capital firms increasingly back companies seeking to disrupt traditional services markets, which have long been dominated by a handful of large players. According to RapidCanvas, the company will also invest in developing its three core products: deepening the Enterprise Context Engine, expanding the skills library powering its Visual Development Canvas, and strengthening governance capabilities in its Operational Harness.
The funding follows eightfold growth in annual recurring revenue over the past six quarters as enterprises demand outcomes from custom AI in production. As reported by Business Standard, more than 40% of RapidCanvas' customers now run multiple AI use cases in production, demonstrating the platform's scalability and enterprise adoption. According to the company, so far in 2026, more than 75 enterprises in manufacturing, financial services, retail, business services and infrastructure have made 1.4 million AI-led decisions with applications built on RapidCanvas. The company serves enterprises with $100 million to $10 billion in revenue that have AI budgets and C-suite mandates.
The RapidCanvas platform distinguishes itself by automating up to 75% of work normally done by in-house data scientists through its hybrid approach combining autonomous AI agents with no-code interfaces. The platform brings together three products: The Enterprise Context Engine lets an enterprise capture how a business process runs, from requirements and tribal knowledge to data schemas and decision history, and the enterprise owns that context. The Visual Development Canvas lets AI engineers rapidly build custom AI solutions that meet industry benchmarks. The Operational Harness manages and governs AI solutions once they're deployed in production. As per Business Standard, the platform pairs its AI platform with field AI engineers to deliver custom AI solutions, where AI engineers learn each customer's business processes, design and build custom AI applications, and stay accountable for the applications' outcomes after delivery.
According to a Gartner note published in January, global spending on direct AI services will reach $516 billion by 2029, with a compound annual growth rate of 14.7% over five years. RapidCanvas is targeting businesses with annual revenues ranging from $100 million to $10 billion, many of which have already carved out mandates for AI implementation. As per RapidCanvas, CEO Rahul Pangam noted that "AI can be the great equaliser, but so far its biggest wins have gone to the Fortune 100. We want to give every enterprise the same opportunity." According to Piyush Kharbanda, general partner at Vertex Ventures SEA & India, "Most enterprises are still searching for real returns on their AI spend. RapidCanvas delivers them by pairing an AI platform that compounds with every deployment and forward-deployed engineers who own the outcome end to end."
