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RapidCanvas announced the completion of a $29 million Series B funding round, led by Vertex Ventures SEA & India, with participation from Hitachi Ventures, Accel, Peak XV Partners, and others. According to SiliconANGLE, the company previously received $16 million in investment in 2024; its Enterprise AI Platform can automate approximately 60% of AI application building work, has served more than 75 customers in industries such as manufacturing, finance, and retail, and its annualized revenue grew 8x over the past 18 months. Unite.AI reported that with this round, cumulative funding has reached $52.5 million, and said annual recurring revenue grew eightfold within six quarters. The funds will be used to expand market teams and field AI engineering teams in the United States, Brazil, and India, and to invest in the Enterprise Context Engine, the Visual Development Canvas skills library, and Operational Harness governance capabilities. There are currently no subsequent development facts.
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RapidCanvas Raises $29 Million Series B to Build Custom AI Apps for EnterprisesDevelopments
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- Source:SiliconANGLE
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Oct 17
SiliconANGLE
RapidCanvas Raises $29 Million Series B to Build Custom AI Apps for Enterprises
RapidCanvas announced the completion of a $29 million Series B funding round led by Vertex Ventures SEA & India, with participation from Hitachi Ventures, Accel, Peak XV Partners and others; the company had previously received $16 million in investment in 2024. Its Enterprise AI Platform can automate about 60% of the work of building AI applications, and has served more than 75 customers in manufacturing, finance, retail and other industries, with annualized revenue growing 8x over the past 18 months. The new funds will be used to expand its marketing and AI engineering teams.
Unite.AI
RapidCanvas Raises $29M Series B to Scale Enterprise AI Delivery
RapidCanvas has closed a $29 million Series B round led by Vertex Ventures SEA & India with participation from Hitachi Ventures, alongside existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures, bringing total funding to $52.5 million, and said its annual recurring revenue grew eightfold over six quarters. The funds will be used to expand market teams and field AI engineering teams in the United States, Brazil and India, and to invest in the Enterprise Context Engine, the Visual Development Canvas skills library and Operational Harness governance capabilities.