RapidCanvas secures USD $16 million to advance AI solutions

RapidCanvas has announced a funding round of USD $16 million aimed at addressing the global shortage of data scientists and engineers with the integration of AI agents.

The latest funding, announced on 11th December 2024, brings the company's total funding to over USD $23.5 million since its inception in 2021.

This Series A round was led by Peak XV with contributions from Titanium Ventures, Accel, and Valley Capital Partners.

RapidCanvas is leveraging AI to automate up to 75% of tasks traditionally carried out by data scientists and engineers, using AI agents powered by Large Language Models (LLMs). These agents are capable of processing extensive information, identifying patterns, and making decisions, akin to human capabilities.

CEO and Co-founder Rahul Pangam of RapidCanvas stated, "At RapidCanvas, we're revolutionizing how businesses solve complex challenges by seamlessly integrating the power of generative AI with the expertise of domain specialists. 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."

The company employs a "Service-as-Software" approach which integrates AI with human expertise.

This model allows complex tasks to be managed by AI agents while reserving system design and creative problem solving for humans. This strategy requires fewer engineers, with only 1 or 2 necessary as opposed to the 10 often required by traditional firms.

Co-founders Pangam and Uttam Phalnikar, former creators of Simility acquired by PayPal, bring deep experience in AI implementation. Their leadership is complemented by a seasoned team who have participated in multiple startup exits, including 5 IPOs.

Pangam added, "With our expert-in-the-loop approach, we ensure human oversight at key decision points, validating outcomes and delivering real-world impact."

"Moreover, our Reliable AI framework ensures all outputs are validated, secure, and explainable. This funding round will accelerate our mission to make trusted, efficient AI transformation accessible to more enterprises."

Harshjit Sethi, Managing Director at Peak XV Partners, remarked on RapidCanvas's impact: "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' innovative approach of combining AI agents with subject matter experts helps organizations fill this gap and drive results in a scalable and efficient manner. RapidCanvas has seen a strong pull from the initial base of customers who are consistently adding new use cases, demonstrating the value it is delivering."

The company aims to democratize AI-driven business transformation, thereby enabling businesses to bypass the technical talent shortage and focus on growth opportunities.

By freeing up time for more strategic tasks, RapidCanvas helps businesses achieve improved revenue and profitability more swiftly and cost-effectively.