RapidCanvas Raises $29M Series B Led by Vertex Ventures SEA & India
Summary
RapidCanvas raises a $29M Series B led by Vertex Ventures SEA & India, with Hitachi Ventures joining, bringing the Austin startup's total to $52.5M. The company says it will hire AI engineers in the US, Brazil, and India. RapidCanvas says annual recurring revenue grew eightfold over six quarters.
Key Points
- Rahul Pangam, RapidCanvas co-founder and CEO, says AI's biggest wins have so far gone to the Fortune 100.
- More than 75 companies have used RapidCanvas's AI apps this year, the company says.
- RapidCanvas plans to invest in its Enterprise Context Engine, which stores a client's business rules and definitions.