Software development startup RapidCanvas Inc. announced today that it has raised $29 million in funding.
Vertex Ventures SEA & India led the Series B round with contributions from Hitachi Ventures, Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures. The deal follows a $16 million investment in 2024.
RapidCanvas develops customized artificial intelligence applications for companies with annual revenue between $100 million and $1 billion. Its engineers write software using an automation toolkit called RapidCanvas Enterprise AI Platform. According to the company, it automates about 60% of the work typically associated with building AI applications.
The first component of the toolkit, the Enterprise Context Engine, collects business data from customers’ internal systems. It uses this information to improve the AI applications provided by RapidCanvas.
When an application receives a prompt that contains an enterprise-specific term or business metric, the Enterprise Context Engine can clarify what it means. This makes the underlying AI models less likely to make mistakes.
The tool also maps how a company’s employees carry out business tasks. AI applications can use this knowledge to determine the best way to automate repetitive work. When the Enterprise Context Engine has incomplete or inconsistent information about how a task is performed, it asks a human for help.
The second component of RapidCanvas’ automation platform is a library of pre-built application modules. They cover common tasks such as user authentication, document processing and vulnerability detection. The modules eliminate the need for RapidCanvas engineers to build client applications from scratch.
Once an application is ready, RapidCanvas checks whether it works as intended using a tool called Operational Harness. The tool evaluates each use case that the application automates based on task-specific reliability criteria. For example, Operational Harness can check how well AI-generated document summaries match the source material.
RapidCanvas engineers begin customer projects by identifying an AI use case that can deliver a quick return on investment. After the customer verifies that the company’s approach works, AI is applied to additional tasks. Tech-savvy customers can optionally use RapidCanvas’ internal automation tools to create software themselves.
The Company provides its development tools and professional services through a single subscription. To date, the company has developed software for more than 75 customers in industries such as manufacturing, finance and retail. RapidCanvas says its annual revenue has increased eightfold in the last 18 months.
“Vibe coding has made it easier to build with AI. Bringing AI to production reliably and safely remains the biggest gap,” said Rahul Pangam, co-founder and chief executive officer of RapidCanvas. “Our growth over the last six quarters is evidence that enterprise AI is moving beyond the pilot phase into production and real-world operations.”
RapidCanvas will use the newly raised funding to expand its go-to-market and AI engineering teams.
Picture: Unsplash
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