RapidCanvas has raised $29 million (about ₹280 crore) in a Series B round led by Vertex Ventures SEA & India to help large enterprises build, deploy and monitor AI applications. The RapidCanvas Series B was reported by Inc42 and The Next Web on 16 October 2026.
Hitachi Ventures joined as a new investor, while existing backers Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures also participated. The agentic AI startup was founded in 2021 by Rahul Pangam, who is co-founder and CEO, and Uttam Phalnikar. The Next Web describes it as an Austin-based company, and says total funding now stands at $52.5 million, including a $16 million Series A in December 2024.
What Does RapidCanvas Do for Enterprises?
RapidCanvas pairs an AI agent platform with field engineers who build and run custom AI apps for businesses, according to The Next Web. The apps can connect to systems such as CRM and ERP software. It sells on a subscription model and targets large enterprises that have AI budgets but lack in-house expertise to move beyond pilots, Inc42 reports.
The company says its platform is trusted by PayPal, TresVista, Yale Appliances, Orion and Treetech, among others. It also claims that more than 75 enterprises have made 1.4 million AI-led decisions using applications built on its platform so far in 2026.
How Will the Funding Be Used?
RapidCanvas plans to expand its go-to-market teams and its field AI engineering team across India, the US and Brazil. It will also invest in three products: the Enterprise Context Engine, the skills library behind the Visual Development Canvas, and governance in the Operational Harness. The Next Web adds that the Enterprise Context Engine stores a client’s business rules and definitions, and that the company will deepen partnerships with private equity firms and advisers.
On traction, the company says its annual recurring revenue has grown eightfold over the past six quarters. Revenue figures and valuation were not disclosed.
Industry Reaction and Expert Commentary
Pangam told Inc42, “Vibe coding has made it easy to start building with AI.” He also told The Next Web, “AI can be the great equalizer, but so far its biggest wins have gone to the Fortune 100.”
The round comes amid heavy investor interest in Indian AI. Inc42 reports that Indian AI startups raised $438 million in the third quarter of 2026, up 265% year on year, though 63% of the investors it surveyed see some froth in Indian AI startup valuations. No comment from industry bodies on this specific round was found.
What Happens Next?
The next milestones to watch are the rollout of the three funded products and the hiring of AI engineers in India, the US and Brazil. The company has not announced dates for either.
Frequently Asked Questions
How much did RapidCanvas raise in its Series B?
RapidCanvas raised $29 million, about ₹280 crore, in a Series B led by Vertex Ventures SEA & India, with Hitachi Ventures joining as a new investor.
Who founded RapidCanvas?
Rahul Pangam and Uttam Phalnikar founded RapidCanvas in 2021. Pangam is the co-founder and CEO.
What will RapidCanvas do with the money?
It will expand sales and field AI engineering teams across India, the US and Brazil, and invest in its Enterprise Context Engine, the skills library behind its Visual Development Canvas, and governance in its Operational Harness.
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