AI Platform RapidCanvas Secures USD 7.5 Mn Funding Led by Accel With the raised funds, RapidCanvas aims to fuel both customer acquisition through go-to-market and commercial team expansion and customer retention through R&D investments.
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AI platform RapidCanvas announced the raising of USD 7.5 million in seed funding led by Accel, with participation from Valley Capital Partners.
The startup will use the raised funds to fuel both customer acquisition through go-to-market and commercial team expansion, and customer retention by investing in R&D and building a customer success capability. This will help ensure long-term growth through acquiring new customers and fostering AI success for existing ones.
Rahul Pangam, CEO and Co-founder of RapidCanvas, said, "RapidCanvas empowers business experts to go from idea to AI outcomes with a guided, expert-verified, automated approach that leads to transparent, explainable, and verifiable outcomes. Our goal is to demystify the application of AI for everyday business problems for those who are bold enough to lead game-changing AI transformation."
Founded in 2021 by Rahul Pangam and Uttam Phalnikar, RapidCanvas offers an end-to-end platform designed to automate and guide business leaders and domain experts through prototyping, creating, evolving, and explaining their own AI solutions. It enables market leaders in finance, real estate, manufacturing, and direct-to-consumer to fully utilise artificial intelligence.
According to the startup, RapidCanvas is designed on a secure, scalable cloud architecture, complies with SOC2, and connects easily with more than 300 databases, apps, and libraries.
It claims to serve about 20 to 30 clients, including major partners like Google, Amazon Web Services (AWS), Azure, and Snowflake.
Dinesh Katiyar, Partner at Accel, said, "While the potential of AI has become increasingly obvious to enterprises around the world, their ability to incorporate AI solutions into their operations is limited by time, talent, and money. RapidCanvas has created a unique solution to this problem, providing business users with a co-pilot that enables them to build AI solutions specific to their needs, quickly and economically."
