RapidCanvas Secures $29 Million Series B to Expand Enterprise AI Delivery

RapidCanvas Inc., the Austin‑based startup that builds custom AI apps for companies with $100 million to $1 billion in revenue, announced a $29 million Series B round on October 16. Vertex Ventures Southeast Asia & India led the funding, with Hitachi Ventures joining and existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures also participating. The new money brings RapidCanvas’ total capital to $52.5 million, following a $16 million Series A in December 2024. The round will support expansion of sales, engineering and partnership networks.

Hybrid engineering and reusable platform

RapidCanvas markets a hybrid approach that pairs its own AI agent platform with field engineers who learn a customer’s processes and build applications. The platform includes an Enterprise Context Engine that collects and normalises business rules, a Visual Development Canvas that lets engineers assemble reusable code modules, and an Operational Harness that monitors reliability and governance. The company says its reusable library gives new projects a 60 % head start and its context engine reduces mistakes by providing domain‑specific clarifications.

The startup reports an eightfold jump in annual recurring revenue over the past six quarters and says more than 75 enterprises across manufacturing, finance and retail have deployed its apps. Roughly 40 % of its customers now run multiple AI applications in production. RapidCanvas will use the Series B to hire additional AI engineers in the United States, Brazil and India, strengthen its go‑to‑market organization, and invest further in the Enterprise Context Engine and governance tooling.