RapidCanvas raises $29M to develop custom AI applications for enterprises

RapidCanvas, a software development startup, has secured $29 million in funding to create tailored AI applications for enterprises. The Series B round was led by Vertex Ventures SEA & India, with contributions from Hitachi Ventures, Accel, Peak XV Partners, Valley Capital Partners, and Titanium Ventures. This follows a $16 million investment made in 2024.

RapidCanvas' engineers utilize an automation toolkit known as the RapidCanvas Enterprise AI Platform to write software. This platform automates approximately 60% of the work typically required to develop AI applications. The toolkit's first component, the Enterprise Context Engine, gathers business data from clients' internal systems and uses this information to enhance the AI applications provided by RapidCanvas.

The Engine can also clarify company-specific terms or business metrics found in prompts, reducing the likelihood of errors in the underlying AI models.

The platform includes a library of pre-packaged application modules covering common tasks like user authentication, document processing, and vulnerability detection. These modules eliminate the need for RapidCanvas engineers to create client applications from scratch. Once an application is ready, RapidCanvas verifies its functionality using a tool called Operational Harness, which evaluates the application's performance against task-specific reliability criteria.

RapidCanvas' development process begins with identifying an AI use case that can generate a quick return on investment. If the customer approves, AI is then applied to additional tasks. Tech-savvy clients can opt to use RapidCanvas' internal automation tooling to build software independently. The company offers its development tooling and professional services through a single subscription.

RapidCanvas has developed software for over 75 clients in sectors such as manufacturing, finance, and retail. The company reports that its annualized revenue has grown eightfold over the past 18 months. Rahul Pangam, RapidCanvas' co-founder and CEO, stated that "Vibe coding has made it easy to start building with AI. Getting AI into production reliably and safely still remains the biggest gap."

The CEO added that "our growth over the past six quarters is evidence that AI in enterprises is moving beyond pilots into production and real operations." RapidCanvas will use its newly raised funds to expand its go-to-market and AI engineering teams.