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Enterprise AI startup RapidCanvas has raised $29 million in a Series B funding round as it looks to expand its AI engineering teams in India, the US, and Brazil.
The round was led by Vertex Ventures SEA & India. Hitachi Ventures joined as a new investor, while Accel, Peak XV Partners, Valley Capital Partners, and Titanium Ventures participated again reported Dealstreetasia.
The funding is a sign that investors are looking beyond AI chatbots and demos. They are backing companies that can help businesses turn AI ideas into working tools inside factories, finance teams, supply chains, and other daily operations.
What RapidCanvas does
RapidCanvas was founded in 2021 by Rahul Pangam and Uttam Phalnikar. Pangam is the company’s co-founder and CEO, while Phalnikar is co-founder and CTO.
The company works in an AI execution business. That means it does more than sell software and leave customers to figure it out. RapidCanvas combines its AI platform with engineers who work with customers to understand a business problem, build a custom solution, and help run it after launch.
For example, a manufacturer may have large amounts of data about inventory, machine output, supplier delays, and customer demand. RapidCanvas could help build an AI tool that identifies patterns, predicts delays, or helps production teams make faster decisions.
The company’s model is built around the idea that AI projects often fail when they remain stuck at the testing stage. Many businesses can experiment with AI, but putting it into real workflows safely and reliably is harder.
Why India is important to the expansion
As per Mint, RapidCanvas already has an office in Hyderabad and is now planning to grow its field AI engineering team across India, the US, and Brazil.
India offers a large base of software engineers, data professionals, and domain experts. For RapidCanvas, this could help it build and deploy AI applications for global customers while also serving Indian enterprises that are beginning to invest more actively in AI.
The company will also use the new capital to expand its go-to-market teams and its network of private-equity and advisory partners. In simple terms, it wants more people who can sell, support, and deliver its AI products to businesses.
A different approach from traditional IT services
RapidCanvas is entering a market traditionally served by large IT consulting firms and data-science teams. Instead of relying only on long consulting projects, it combines AI agents with engineers who remain involved in delivering results.
The company says its field AI engineers learn how a customer’s business works, create tailored applications, and remain accountable after the tool goes live.
This puts RapidCanvas in competition with enterprise AI platforms such as Databricks, Altair, and Quantexa, as well as large IT services companies building their own AI offerings. The competition will depend on which companies can deliver useful results without creating expensive, complicated systems.
What the $29M funding means
The Series B takes RapidCanvas’s total funding to $52.5 million, according to the company’s latest funding details.
The money gives the startup more room to hire engineers, improve its platform, and win enterprise customers. But the bigger challenge is proving that its AI tools can create measurable value. Businesses are becoming more careful about AI spending and want clear gains such as lower costs, faster operations, better forecasting, or improved customer service.
RapidCanvas has positioned itself around this gap between AI experimentation and real deployment. Its growth in India will be watched closely because the country is both a major engineering talent centre and an increasingly important market for enterprise AI.
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