RapidCanvas Raises $29 Million to Expand Enterprise AI Platform

RapidCanvas, an Austin-based enterprise AI company, announced a $29 million Series B on Friday, Oct. 16, to expand sales, partner coverage and field engineering in three countries.

Vertex Ventures SEA & India led the financing. Hitachi Ventures participated alongside existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures.

A Form D filed with the U.S. Securities and Exchange Commission on Oct. 14 lists $28,999,988 in equity sold to six investors, with no amount remaining. The filing gives Sept. 21 as the date of the first sale.

The financing will support broader sales efforts and growth in the company’s private equity and advisory relationships. It also plans to add field AI engineers in the United States, Brazil and India, and invest in its three platform products.

The platform captures business process details, helps engineers build custom applications from reusable code, and manages those applications after deployment. RapidCanvas co-founder and CEO Rahul Pangam described reliable, safe production use as a major gap in AI adoption. “Getting AI into production reliably and safely still remains the biggest gap,” he said.

Annual recurring revenue increased eightfold during the 18 months before the announcement. During 2026, more than 75 enterprises have used its applications to make 1.4 million AI-led decisions. More than four in 10 customers have multiple AI use cases operating in production.

The Series B follows a $16 million Series A announced in December 2024 and a $7.5 million seed round announced in March 2024. Peak XV Partners led the Series A, while Accel led the seed round with Valley Capital Partners participating.