RapidCanvas raises $29 million Series B led by Vertex Ventures SEA & India
The Austin AI company combines software and field engineers to build enterprise applications.
RapidCanvas has raised $29 million in a Series B led by Vertex Ventures SEA & India. Hitachi Ventures joined existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures.
The company’s commercial model combines a reusable AI platform with engineers who tailor applications to a customer’s operations. Its announcement points to repeat deployment as a sign of adoption: RapidCanvas says more than 40% of customers run multiple production use cases. It also reports eightfold annual recurring revenue growth over six quarters. These company-reported figures frame the round around expansion within customer accounts as well as new sales.
Use of funds
Expand go-to-market and private-equity and advisory partnerships.
Hire field AI engineers across the United States, Brazil and India.
Develop the Enterprise Context Engine, reusable AI skills and production governance.