Enterprise AI startup RapidCanvas has raised $29 million (around Rs 280 crore) in a Series B funding round led by Vertex Ventures Southeast Asia & India.

The round also included new investor Hitachi Ventures and existing backers Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures. The company will use the funds to expand its go-to-market operations and strengthen its AI platform for large businesses.

RapidCanvas plans to expand its go-to-market teams and field AI engineering operations across India, the United States and Brazil. It will also invest in its three core products to improve enterprise data understanding, application development and AI governance.

The company aims to help businesses move AI projects beyond pilot stages and deploy applications reliably across everyday operations. Its subscription-based model targets large enterprises that have AI budgets but may lack the in-house expertise needed to build and manage these systems.

Founded in 2021 by Rahul Pangam and Uttam Phalnikar, RapidCanvas provides tools that help companies build, deploy and monitor AI applications.

The startup said its annual recurring revenue grew eightfold over the past six quarters. In 2026, more than 75 enterprises across manufacturing, financial services, retail, business services and infrastructure used applications built on its platform to make 1.4 million AI-led decisions.

The company lists PayPal, TresVista, Yale Appliances, Orion and Treetech among organisations using its platform.

RapidCanvas’ funding comes amid stronger investor interest in AI applications designed to solve specific business problems. According to Inc42’s Indian Tech Startup Funding Report for Q3 2026, Indian AI startups raised $438 million during the quarter, up 265% year-on-year.

For RapidCanvas, continued growth will depend on converting enterprise demand into recurring revenue and expanding successful AI deployments across industries.

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