RapidCanvas, an enterprise artificial intelligence platform company, has raised $29 million in a Series B round led by Vertex Ventures Southeast Asia & India, bringing its total funding to $52.5 million.
The company said Hitachi Ventures joined the round alongside existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures. RapidCanvas plans to use the capital to expand its go-to-market organization, deepen relationships with private equity and advisory firms, and grow its field AI engineering presence in the United States, Brazil and India.
Building AI systems for business teams
RapidCanvas positions its platform as a way for business teams to develop and operate AI systems without assembling a large internal technical organization. Its approach combines software with field AI engineers who work alongside customers to build and deploy applications.
The company described three parts of its offering. Its Enterprise Context Engine connects to business data and systems while applying access controls. Its Visual Development Canvas provides a low-code environment for designing and testing AI workflows. Its Operational Harness is intended to support production deployment, monitoring and governance.
RapidCanvas said reusable components in its development environment can give teams a head start on common use cases. That and other performance claims in the announcement are company-supplied and have not been independently audited.
The company said it serves more than 75 enterprises and that its systems supported 1.4 million AI-led decisions in 2026. It also reported eightfold annual recurring revenue growth over the past six quarters and said more than 40 percent of customers now run multiple AI use cases. Those figures were disclosed by RapidCanvas and should be read as company-reported metrics.
Funding targets deployment and distribution
RapidCanvas said the new financing will support further investment in its Enterprise Context Engine, Visual Development Canvas and Operational Harness. It also plans to expand a partner network spanning private equity firms, consulting businesses and other advisers that can help introduce the platform to portfolio companies and enterprise clients.
The India expansion is part of a wider field engineering push. RapidCanvas was founded by former global AI leaders from PayPal, according to the company, and now operates from Austin with teams in other markets. The company says its field engineers are intended to bridge the gap between a customer’s domain expertise and the technical work needed to move an AI application into production.
The company did not disclose its valuation, the size of individual investor commitments or a detailed regional revenue breakdown. It also did not identify the customers responsible for the deployment figures in the announcement. Those omissions limit outside assessment of its growth rate, customer concentration and performance across different markets.
Axios reported that the company raised nearly $29 million and may consider another fundraising round late next year, citing co-founder and chief executive Rahul Pangam. A separate YourStory report corroborated the investor list, total capital raised and planned use of proceeds.
Investors back an enterprise adoption model
Vertex Ventures Southeast Asia & India focuses on early-stage technology companies across the region and India. Hitachi Ventures is the corporate venture arm of Hitachi, while Accel and Peak XV Partners are established venture investors with portfolios spanning enterprise software and AI.
The round arrives as enterprise AI companies compete to move beyond pilots into systems that can be governed, monitored and integrated with business operations. RapidCanvas is betting that combining a software platform with hands-on engineering support can help companies move from experiments to repeatable deployments.
The financing does not by itself validate the adoption or performance figures cited by RapidCanvas. However, the participation of a new lead investor alongside returning institutional backers gives the company additional capital to test that model across more industries and geographies.
Singapore’s AI work platform firm ReN3 raises $5M seed round led by Vertex Ventures