Austin-based RapidCanvas has raised $29 million in Series B funding led by Vertex Ventures SEA & India. The round brings its total funding to $52.5 million. The company builds and runs custom AI apps for enterprises using an AI agent platform and field engineers, and says its annual recurring revenue has grown eightfold over six quarters.
Austin-based RapidCanvas has raised $29 million 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 it.
How much funding has RapidCanvas raised?
Several existing investors returned. Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures all took part. The round pushes RapidCanvas’s total funding to $52.5 million, following a $16 million Series A in December 2024.
What does RapidCanvas do?
The company’s model pairs an AI agent platform with its own field engineers. Those engineers learn how a client operates, then build and run custom AI apps for that client. The apps can connect to and update business software, including customer relationship management (CRM) and enterprise resource planning (ERP) systems.
RapidCanvas said its annual recurring revenue has grown eightfold over the past six quarters. It did not share revenue figures or its valuation. More than 75 companies have used its apps so far this year, the company added.
Rahul Pangam, RapidCanvas’s co-founder and chief executive, framed the company’s pitch around who has benefited from AI so far. “AI can be the great equalizer, but so far its biggest wins have gone to the Fortune 100,” Pangam said.
The new money will go toward expanding the company’s sales teams and its partnerships with private equity firms and advisers. RapidCanvas also plans to hire more AI engineers in the U.S., Brazil and India.
The company will put some of its resources into the Enterprise Context Engine, a product that stores a client’s business rules and definitions so its AI apps can draw on them. The problem it targets is not unique. Uvi, which raised $7.5 million to give AI agents company context, is working on a similar challenge.
Investors are placing bets across a wider range of enterprise AI tools. Dust, for one, has raised $40 million to help teams use AI together at work.
Este artículo fue escrito con la asistencia de IA.
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