RapidCanvas Secured $16 Million to Simplify AI for Businesses Everywhere

When Rahul Pangam started his career at Google, he encountered a persistent challenge that has defined his entrepreneurial journey: enabling business experts to leverage AI without requiring technical expertise. While leading analyst teams tasked with using AI platforms, Pangam recognized the gap between technical skills and business acumen. “I was working at Google, and I was asked to support the growing number of fraud experts it was hiring because they didn’t know how to code,” he said. “I had to find a way for them to put their expertise to work without having to train as software engineers.”

This realization eventually led him to co-found RapidCanvas in 2021 alongside Uttam Phalnikar, a former colleague and collaborator on Simility, a machine-learning risk management platform acquired by PayPal.

Now, with the emergence of large language models (LLMs) and generative AI, the co-founders are addressing this gap in an even more powerful way. RapidCanvas has secured $16 million in funding, led by Peak XV Partners, with participation from Titanium Ventures, Accel, and Valley Capital Partners. The new capital brings RapidCanvas’s total funding to $59.5 million, including a $7.5 million round in March 2023.

“Our context-aware AI agents automate critical tasks like data preparation, transformation, and modeling, allowing business users to create tailored AI solutions using simple natural language prompts,” explained Pangam, CEO of RapidCanvas. “With our expert-in-the-loop approach, we ensure human oversight at key decision points, validating outcomes and delivering real-world impact.”

A Platform Designed for Accessibility and Impact

RapidCanvas provides an end-to-end platform that empowers business professionals and domain experts to independently create and deploy AI solutions. By removing the need for data engineering or developer support, the company enables users to focus on solving specific business problems. “If someone wants to do a modeling task, it’s hard for an everyday person to do that without coding or meeting data professionals,” said Pangam. “As a self-service platform, you can use it to predict demand and compare how it would perform according to historical data.”

The platform uses generative AI to guide users, allowing them to develop solutions that are specific to their use cases. “If you ask it the right questions, GenAI will generate the code you need for a given problem,” said Pangam. “That is transformational for people like me who have been thinking about this mismatch for the past 15 years.”

Bridging the Data Science Gap

Harshjit Sethi, Managing Director at Peak XV Partners, underscored the significance of RapidCanvas’s approach. “There is a huge gap in data science expertise across organizations. It either makes them rely on external consultants or drop these projects altogether. RapidCanvas’s innovative approach of combining AI agents with subject matter experts helps organizations fill this gap and drive results in a scalable and efficient manner,” Sethi remarked.

The potential market for such a solution is vast. According to RapidCanvas, there are over 30 million software engineers and data scientists globally, earning nearly $1 trillion in salaries. By automating up to 70% of their routine tasks, RapidCanvas allows professionals to focus on strategic, high-value work that drives business growth.

Accelerating AI Adoption Across Industries

RapidCanvas has already partnered with major technology providers like Amazon Web Services (AWS), Google, Azure, and Snowflake, as well as companies across sectors including manufacturing, retail, real estate, and financial services. The platform’s ability to simplify and accelerate AI adoption has been a key factor in its success.

One of RapidCanvas’s standout claims is its ability to reduce AI implementation timelines from the industry standard of nine months to just four weeks. This speed, combined with the platform’s accessibility, has made it a compelling choice for Fortune 200 companies and beyond.

Scaling Up for the Future

With the fresh funding, RapidCanvas plans to expand its sales and commercial teams to meet growing demand. The company also aims to enhance its AI agents, further automating complex tasks while maintaining human oversight at critical junctures.

Reflecting on the fundraising environment, Pangam noted the increasing interest in AI startups. “Amid a buoyant funding environment for AI startups globally, it’s easier to get an audience of investors to look at our mission,” he said.