RapidCanvas Secures $29M Series B to Expand Enterprise AI Agent Platform
The Austin startup combines software agents with dedicated field engineers to build custom operational apps for corporate workflows.
Austin-based startup RapidCanvas has raised $29 million in Series B funding to expand its enterprise AI application platform, The Next Web reported .
The funding round was led by Vertex Ventures SEA & India, with participation from Hitachi Ventures. Existing backers Accel, Peak XV Partners, Valley Capital Partners, and Titanium Ventures also joined the round. The fresh capital lifts RapidCanvas's total funding to $52.5 million, following a $16 million Series A closed in December 2024.
RapidCanvas uses a hybrid approach, pairing an AI agent platform with internal field engineers who study a customer's business processes to design, deploy, and maintain custom applications. These tools integrate with existing enterprise systems, including customer relationship management (CRM) and enterprise resource planning (ERP) platforms.
The startup reported that its annual recurring revenue grew eightfold over the past six quarters, though it did not disclose absolute revenue metrics or its valuation. RapidCanvas stated that more than 75 companies have used its applications this year.
"AI can be the great equalizer, but so far its biggest wins have gone to the Fortune 100," Rahul Pangam, co-founder and chief executive of RapidCanvas, said in a statement.
RapidCanvas plans to use the capital to scale its sales teams, expand partnerships with private equity firms and advisers, and recruit AI engineers in the United States, Brazil, and India. The company is also investing in its Enterprise Context Engine, a repository designed to store enterprise business rules and definitions for autonomous software agents.
Sources
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