RapidCanvas, which calls itself a managed AI execution company, announced a $29 million Series B on October 16. Vertex Ventures SEA & India led, with Hitachi Ventures participating and existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures following on. Total funding is now $52.5 million.
The company says annual recurring revenue grew 8x over the past six quarters, and that more than 40% of its customers run multiple AI use cases in production. It sells a hybrid model: its software platform plus field AI engineers who build custom solutions for enterprises.
The money goes to go-to-market teams, private equity and advisory partners, and hiring field AI engineers in the US, Brazil and India.