RapidCanvas lands $29M Series B round
By Abha Lohia ·
RapidCanvas: funding and every story →
- RapidCanvas sells a platform for custom business AI, backed by field engineers who build and run each customer's applications
- Vertex Ventures led the $29M Series B, with Hitachi Ventures joining, lifting total capital raised to $52.5M
- Money goes to sales teams, partner networks and engineers in India, the US and Brazil, after recurring revenue grew eightfold in six quarters
What happened
- RapidCanvas raised $29M in a Series B round.
- Vertex Ventures SEA & India led the round.
- Hitachi Ventures joined, along with existing backers.
- Total funding now stands at $52.5M.
- Funds will expand go-to-market and field AI engineering teams.
Why it matters
- Annual recurring revenue grew eightfold over six quarters.
- Over 40% of customers run several AI use cases in production.
- Buyers want AI that delivers results, not pilots.
The business
- Sells an AI platform for custom enterprise applications.
- Pairs it with field AI engineers who learn each customer's processes.
- Engineers build the apps and stay accountable for outcomes after delivery.
The founders
Who put in money
- Vertex Ventures SEA & India Lead
- Hitachi Ventures Investor
- Accel Existing investor
- Peak XV Partners Existing investor
- Valley Capital Partners Existing investor
- Titanium Ventures Existing investor
In numbers
$52.5MTotal funding · 2026
What happens next
- Hire sales and field engineers across India, the US and Brazil.
Words to know
- Series B
- A growth-stage funding round after early rounds.
Terms in this story
- Funding stage: Startups raise money in steps called funding stages: pre-seed, seed, Series A, B, C and later, ending in a stock-market listing or a sale. Each step is larger than the last and asks for more proof.
- Series B/C: Series B, C, D and later rounds are growth rounds: large cheques that help a startup with a proven model expand faster, enter new markets or move toward profit and a listing.
- ARR and MRR: Monthly recurring revenue (MRR) is the predictable subscription income a company earns each month, and annual recurring revenue (ARR) is that income expressed over a year. ARR is usually MRR multiplied by 12.
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