RapidCanvas Raises USD 16 Mn to Accelerate AI Innovation in Business Operations The new capital will fuel the expansion of its innovative offerings and global reach.
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AI-driven business transformation platform RapidCanvas has raised USD 16 million in a Series A funding round led by Peak XV Partners, with additional investments from Titanium Ventures, Accel, and Valley Capital Partners.
This brings the startup's total funding to USD 23.5 million since its inception in 2021. The new capital will fuel the expansion of its innovative offerings and global reach.
Co-founded by Rahul Pangam and Uttam Phalnikar, who previously built Simility—an AI-powered risk management platform acquired by PayPal—RapidCanvas aims to simplify the deployment of AI solutions in enterprises.
Its platform leverages large language models (LLMs) to enable AI agents to automate up to 75% of tasks traditionally handled by data scientists and engineers. These AI agents process vast datasets, identify patterns, and make decisions, significantly reducing the need for technical expertise.
The company's service-as-a-software (SaaS) model combines AI automation with human oversight, providing a hybrid solution where 70% of tasks are executed by AI and the remaining 30% are handled by experts for tasks like system design and hypothesis testing. Unlike traditional methods that rely on large teams, RapidCanvas claims its solutions can be implemented with just one or two engineers, achieving results in weeks at a fraction of the cost.
"Our context-aware AI agents enable business users to create tailored AI solutions using simple natural language prompts," said Rahul Pangam, CEO of RapidCanvas. "This approach not only accelerates outcomes but also ensures oversight at critical decision points, delivering real-world impact."
Harshjit Sethi, Managing Director at Peak XV, highlighted, "By combining AI agents with subject matter experts, RapidCanvas helps organizations execute projects they might otherwise abandon, driving scalable and efficient results."
