RapidCanvas, which pairs an AI agent platform with its own engineers to build business apps for companies, raised a $29M Series B led by Vertex Ventures SEA & India, with Hitachi Ventures joining. It will hire in the US, Brazil, and India. Total funding now stands at $52.5M.
Austin-based RapidCanvas has raised $29M in Series B funding to grow its business of building and running AI apps for companies, the startup said on Friday. Vertex Ventures SEA & India led the round, and Hitachi Ventures joined.
Existing investors Accel, Peak XV Partners, Valley Capital Partners, and Titanium Ventures also took part. The round brings RapidCanvas’s total funding to $52.5M, following a $16M Series A in December 2024.
RapidCanvas combines an AI agent platform with its own field engineers, who learn how a client works and then build and run custom AI apps for it. The apps can connect to and update business software such as CRM and ERP systems.
The company said its annual recurring revenue grew eightfold over the past six quarters, but it did not share revenue figures or its valuation. More than 75 companies have used its apps this year, it added.
“AI can be the great equalizer, but so far its biggest wins have gone to the Fortune 100,” said Rahul Pangam, RapidCanvas’s co-founder and chief executive.
The startup will use the money to grow its sales teams and partnerships with private equity firms and advisers. It will also hire more AI engineers in the US, Brazil, and India.
In addition, RapidCanvas plans to invest in its Enterprise Context Engine, which stores a client’s business rules and definitions so its AI apps can use them. Other startups are chasing the same problem, including Uvi, which raised $7.5M to give AI agents company context.
Investors are backing a wider group of enterprise AI tools. Dust, for one, has raised $40M to help teams use AI together at work.
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