RapidCanvas, a US-based enterprise artificial intelligence company, has raised $29 million in a Series B funding round led by Vertex Ventures SEA & India. The round included participation from Hitachi Ventures and existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures.
The financing brings RapidCanvas’s total funding to $52.5 million. The company announced the investment on October 16, 2026.
Founded in 2021 by Rahul Pangam and Uttam Phalnikar, RapidCanvas is headquartered in Austin, Texas. Pangam serves as CEO, while Phalnikar is the company’s CTO.
RapidCanvas develops enterprise AI solutions by combining its software platform with field AI engineers. Its approach involves engineers working directly with businesses to understand operational processes, develop customized AI applications and support their deployment into production.
The company’s platform includes three main products: the Enterprise Context Engine, which captures business processes and organizational knowledge; the Visual Development Canvas, which supports the development of customized AI applications; and the Operational Harness, which manages and governs AI systems after deployment. RapidCanvas provides its solutions through a subscription-based model.
The new funding will support the expansion of RapidCanvas’s go-to-market operations and its network of private equity and advisory partners. The company also plans to expand its field AI engineering teams across the United States, Brazil and India, alongside continued investment in platform development.
According to RapidCanvas, more than 75 enterprises across manufacturing, financial services, retail, business services and infrastructure have used applications built on its platform in 2026. The company reported that its annual recurring revenue grew eightfold over the preceding six quarters, while more than 40% of its customers were running multiple AI use cases in production.
Before the Series B, RapidCanvas secured $16 million in a Series A round led by Peak XV Partners in December 2024, following a $7.5 million seed round led by Accel in March 2024.
