RapidCanvas: Raises $29 million in Series B, total hits $52.5m

RapidCanvas announced on 16 October 2026 that it had raised $29 million in Series B funding led by Vertex Ventures Southeast Asia & India, bringing its total funding to $52.5 million. Hitachi Ventures joined the round alongside existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures, the company said in its announcement issued from Austin, Texas.^[1]

The company plans to expand its commercial teams and hire more field artificial intelligence engineers across India, the US and Brazil. It will also invest in its software platform and expand partnerships with private equity firms and advisers that can introduce its services to portfolio companies and clients.^[1]

RapidCanvas sells a combination of software and engineering support rather than a standalone AI tool. Its engineers work with customers to understand business processes, build custom applications and remain responsible for their outcomes after deployment, according to the company. The funding will support both parts of that model: the platform and the people delivering applications through it.^[1]

Funding follows reported growth in recurring revenue

RapidCanvas said its annual recurring revenue, a measure of revenue from recurring customer arrangements, had grown eightfold over the preceding six quarters. It also said more than 40 per cent of its customers were running multiple AI use cases in production, meaning applications used in business operations rather than only in trials.^[1]

The announcement did not disclose the revenue amount underlying that growth or the valuation attached to the funding round. The eightfold figure therefore describes the company’s reported growth rate, not the size of its revenue base.

As of the announcement, more than 75 enterprises had made 1.4 million AI-led decisions during 2026 using applications built on RapidCanvas, the company said. These enterprises operated in manufacturing, financial services, retail, business services and infrastructure. The announcement did not define how an AI-led decision was counted or provide a financial return associated with those decisions.^[1]

The Series B follows a $16 million Series A led by Peak XV Partners in December 2024, according to Entrackr. Titanium Ventures, Accel and Valley Capital Partners participated in that earlier round, which brought total funding at the time to $23.5 million.^[2]

Entrackr reported that RapidCanvas was founded in 2021 by Rahul Pangam and Uttam Phalnikar. The founders previously built Simility, an AI-based risk management company acquired by PayPal.^[2]

Engineers remain involved after applications go live

RapidCanvas calls its delivery model the “Hybrid Approach”: an AI platform paired with field engineers who learn a customer’s requirements, design applications and oversee their outcomes after delivery. It offers this combination through subscription pricing.^[1]

The company targets enterprises with revenue between $100 million and $10 billion. Its assessment is that these businesses have AI budgets and support from senior management but lack a dependable route from experimentation to working applications. RapidCanvas positions its service between bespoke technology services and do-it-yourself platforms that require customers to supply specialist AI talent.^[1]

“Getting AI into production reliably and safely still remains the biggest gap,” co-founder and chief executive Rahul Pangam said in the announcement. He presented the company’s growth as evidence of enterprises moving beyond pilots into operational use.^[1]

RapidCanvas also said conversations with more than 400 business leaders indicated that most senior executives expected a return on AI investment within six to 12 months, while few had progressed beyond pilots and proofs of concept. That is the company’s account of its discussions; the announcement does not set out a sampling method or detailed results that would establish how representative those views are.^[1]

Three products cover requirements, development and operations

The platform separates the work into three stages: recording how a business operates, building an application and managing it once deployed. RapidCanvas describes the components as follows.^[1]

The distinction is practical: the first component records the business information an application needs, the second supports development, and the third addresses operation after launch. RapidCanvas says its engineers remain involved across that process rather than ending their work when an application is delivered.^[1]

The company promotes this approach as delivering custom applications at software-as-a-service economics, referring to the subscription model used to sell software. The announcement does not provide subscription prices or a cost comparison that would establish the savings for customers.^[1]

Investors back repeatable delivery

Piyush Kharbanda, general partner at Vertex Ventures Southeast Asia & India, pointed to customers expanding into additional uses and business functions as the basis for the firm’s investment. In a statement included in the announcement, he said RapidCanvas combined a platform that improved with deployments and engineers responsible for outcomes.^[1]

Radhika Ananth, head of India and investment director at Hitachi Ventures, framed the opportunity as making custom engineering increasingly repeatable through a standardised platform. That is the investors’ rationale for backing the model, rather than a disclosed measure of RapidCanvas’ profitability or delivery costs.^[1]

For India, the specified expansion is in field AI engineering, alongside hiring in the US and Brazil. RapidCanvas did not give country-wise hiring targets, a recruitment timetable or a breakdown of how the $29 million would be allocated between staff, partnerships and product development.^[1]

References

1. RapidCanvas. RapidCanvas Raises $29M Series B to Bring Fortune 100-Grade AI to Every … 16 October 2026.
2. Entrackr. RapidCanvas raises $29 Mn in Series B round led by Vertex Ventures.