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RapidCanvas raises $29M Series B to expand custom enterprise AI applications

RapidCanvas Inc. raised $29 million in Series B funding led by Vertex Ventures SEA & India to expand its custom enterprise AI application platform. The company says its annualized revenue has grown eightfold in 18 months and it has more than 75 clients.

AI News Feed · 2026-10-17 06:09

RapidCanvas develops custom artificial intelligence applications for companies with between $100 million and $1 billion in annual revenue. Its engineers write software with the help of an automation toolkit called the RapidCanvas Enterprise AI Platform, which the company says automates about 60% of the work usually involved in building AI applications.

The platform’s first component, the Enterprise Context Engine, collects business data from clients’ internal systems and uses that information to improve the AI applications RapidCanvas delivers. If an application receives a prompt that contains a company-specific term or business metric, the engine can clarify what it means, making the underlying AI models less likely to make mistakes. The tool also maps out how a company’s employees perform business tasks, so AI applications can identify the best way of automating repetitive work. If the engine has incomplete or inconsistent information about how a task is performed, it asks a human for help.

A second component is a library of pre-packaged application modules covering common tasks such as user authentication, document processing and vulnerability detection. The modules remove the need for RapidCanvas engineers to build client applications from scratch. Once an application is ready, RapidCanvas verifies that it works as intended using a tool called Operational Harness, which evaluates each use case the application automates against task-specific reliability criteria. For example, Operational Harness can check how well AI-generated document summaries align with the source material.

RapidCanvas’ engineers start client 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 clients can optionally use RapidCanvas’ internal automation tooling to build software on their own.

The company delivers its development tooling and professional services through a single subscription. It has so far built software for more than 75 clients in verticals such as manufacturing, finance and retail. RapidCanvas says its annualized revenue has grown eightfold over the past 18 months.

“Vibe coding has made it easy to start building with AI. Getting AI into production reliably and safely still remains the biggest gap,” said RapidCanvas co-founder and Chief Executive Officer Rahul Pangam. “Our growth over the past six quarters is evidence that AI in enterprises is moving beyond pilots into production and real operations.”

RapidCanvas will use the newly raised funds to grow its go-to-market and AI engineering teams.