Enterprise AI startup RapidCanvas has raised $29 million (about ₹280 crore) in its Series B funding round led by Vertex Ventures SEA & India, the company announced. The round also included new investor Hitachi Ventures and existing backers Accel, Peak XV Partners, Valley Capital Partners, and Titanium Ventures. Founded in 2021 by Rahul Pangam and Uttam Phalnikar, RapidCanvas plans to use the funds to expand its go-to-market and AI engineering teams across India, the US, and Brazil, according to inc42.com.
The funding round reflects RapidCanvas's growth trajectory, with the startup reporting an eightfold increase in annual recurring revenue over the past six quarters. The company’s platform enables enterprises to build and deploy AI applications and monitor their performance. In 2026 alone, more than 75 enterprises from sectors including manufacturing, financial services, retail, business services, and infrastructure have made 1.4 million AI-led decisions using applications built on RapidCanvas’s platform. The startup operates on a subscription model targeting large enterprises with AI budgets but limited in-house expertise, inc42.com reported.
RapidCanvas’s approach addresses a critical gap in enterprise AI adoption by offering an agentic AI platform that supports building AI applications and governance. Its product suite includes the Enterprise Context Engine, Visual Development Canvas, and Operational Harness, which the company plans to enhance with the new funding. The startup counts clients such as PayPal, TresVista, Yale Appliances, Orion, and Treetech among its users. This funding round positions RapidCanvas alongside other enterprise AI firms scaling solutions for complex AI deployment challenges, according to inc42.com.
RapidCanvas aims to deepen its product capabilities and expand its teams globally with the $29 million raised. The startup’s growth and funding announcement were made public in October 2026, marking a key milestone in its expansion strategy across multiple continents, inc42.com confirmed.