RapidCanvas raises $29M Series B for enterprise AI apps
Austin-based RapidCanvas said it raised $29 million in Series B funding led by Vertex Ventures SEA & India, with Hitachi Ventures joining and existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures also participating, bringing total funding to $52.5 million after a $16 million Series A in December 2024. The company pairs an AI agent platform with its own field engineers to build and run custom AI applications for companies, connecting to and updating business software such as CRM and ERP systems, and says its Enterprise Context Engine stores a client's business rules and definitions while an Operational Harness checks application reliability per use case. RapidCanvas said annual recurring revenue grew eightfold over the past six quarters and that more than 75 companies have used its apps this year, but it did not disclose revenue figures or its valuation; the money will fund AI engineering hires in the US, Brazil and India plus sales and private equity partnerships.
It is another sign that investors are backing agent-plus-services vendors aimed at mid-market enterprises rather than only the largest firms.