RapidCanvas has raised $29 million in Series B funding led by Vertex Ventures SEA & India, with participation from new investor Hitachi Ventures. Existing backers Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures also joined the round, which brings the company’s total funding to $52.5 million.
“AI can be the great equalizer, but so far its biggest wins have gone to the Fortune 100. We want to give every enterprise the same opportunity,” said Rahul Pangam, co-founder and CEO of RapidCanvas.
Software economics for custom AI
RapidCanvas calls itself a managed AI execution company. Its Hybrid Approach pairs an AI platform with field AI engineers who learn a customer’s business processes, build custom AI applications and stay accountable for the outcomes after delivery.
The platform has three products. The Enterprise Context Engine captures how a business process runs, from requirements and tribal knowledge to data schemas. The Visual Development Canvas gives each new build a 60 percent head start from a library of proven code. The Operational Harness governs AI applications once they are in production.
The company sells this at subscription pricing, pitching it as custom AI at SaaS economics for enterprises with $100 million to $10 billion in revenue. These are companies with AI budgets and C-suite mandates but no proven path from pilot to production.
The growth behind the raise
The raise follows 8x growth in annual recurring revenue over the past six quarters. More than 40 percent of customers now run multiple AI use cases in production, and over 75 enterprises made 1.4 million AI-led decisions on the platform in 2026 so far.
Customers include PayPal, TresVista, Yale Appliances, Orion and Treetech, across manufacturing, financial services, retail, business services and infrastructure. Founded in 2021 by Rahul Pangam and Uttam Phalnikar, the company is based in Austin, Texas.
Where the money goes
The funding will expand go-to-market teams and the field AI engineering team across India, the US and Brazil. RapidCanvas will also deepen its partnerships with private equity firms and advisers, who bring its managed AI execution to their portfolio companies.
Product investment covers all three products, deepening the Enterprise Context Engine, growing the skills library behind the Visual Development Canvas and strengthening governance in the Operational Harness.
Why investors are betting on outcomes
“Vibe coding has made it easy to start building with AI. Getting AI into production reliably and safely still remains the biggest gap,” Pangam said.
“Most enterprises are still searching for real returns on their AI spend. RapidCanvas delivers them by pairing an AI platform that compounds with every deployment and field AI engineers who own the outcome end to end,” said Piyush Kharbanda, general partner at Vertex Ventures SEA & India.
“Enterprise AI will ultimately be measured by the economics of delivering outcomes at scale. RapidCanvas combines hands-on engineering with a productized platform, allowing what starts as custom delivery to become increasingly repeatable and scalable,” said Radhika Ananth, Head of India and Investment Director at Hitachi Ventures.
