Enterprise AI startup RapidCanvas has raised 29 million dollars in a Series B funding round led by Vertex Ventures Southeast Asia and India. The company said the round takes its total funding to 52.5 million dollars. Hitachi Ventures joined as a new investor, with existing backers Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures also taking part.
RapidCanvas builds software that helps large enterprises move AI projects from pilot to production. Inc42 reported the deal size at about Rs 280 crore.
The Funding And The Investors
Vertex Ventures SEA and India led the Series B round, while Hitachi Ventures came in as a new backer. Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures, all existing investors in the company, followed on. Piyush Kharbanda, general partner at Vertex Ventures SEA and India, said most enterprises are still searching for real returns on their AI spend, and added that RapidCanvas delivers them by pairing a platform that compounds with every deployment.
Where The Money Is Going
RapidCanvas plans to spend the fresh capital on its go-to-market teams and on hiring field AI engineers across India, the United States and Brazil. It will also widen its network of private equity and advisory partners. The hiring plan follows the company’s own model, in which AI engineers work beside customers to learn their business processes, build custom applications and stay accountable for the results after delivery.
The Platform
The company’s platform brings together three products. The Enterprise Context Engine captures how a business process runs, covering requirements, institutional knowledge, data schemas and decision history, and the enterprise keeps ownership of that context. The Visual Development Canvas lets AI engineers build custom solutions against industry benchmarks. The Operational Harness governs those solutions once they are running in production. That last layer matters, because keeping an AI system accurate and governed after deployment is a separate problem from building a working model in the first place.
Read more: Shamrock AI Raises $5 Million Seed Round Led By Endiya Partners. That seed round sits in the same enterprise AI wave, where startups are racing to help large companies deploy AI agents reliably.
Growth And Financials
RapidCanvas says its annual recurring revenue has grown eightfold over the past six quarters. More than 40 percent of its customers now run multiple AI use cases in production, the company said. So far in 2026, more than 75 enterprises have made 1.4 million AI-led decisions using applications built on the platform, it added. Those customers span manufacturing, financial services, retail, business services and infrastructure. RapidCanvas says its platform is used by companies including PayPal, TresVista, Yale Appliances, Orion and Treetech. It works on a subscription model and targets enterprises with revenue between 100 million dollars and 10 billion dollars.
The Founders And The Background
RapidCanvas was founded in 2021 by Rahul Pangam and Uttam Phalnikar. Pangam is the co-founder and chief executive officer. He said AI can be a great equaliser, but that its biggest wins have gone to the Fortune 100 so far. In his view, vibe coding has made it easy to start building with AI, and getting it into production reliably and safely remains the biggest gap.
What Happens Next
The round lands as investor interest in enterprise AI keeps rising in India. According to Inc42’s Indian Tech Startup Funding Report for Q3 2026, AI startup funding rose 265 percent year on year to 438 million dollars in the September quarter, even as a majority of investors surveyed still see some froth in AI valuations. RapidCanvas will now be watched on whether it can turn its fast revenue growth into durable, recurring income as it scales its field engineering teams across three countries.
