RapidCanvas, a company democratizing AI-driven business transformation, announced a $16 million funding round for its AI agents. These agents, powered by large language models (LLMs), can automate up to 75% of complex tasks traditionally performed by data scientists and engineers. They can process vast amounts of information, identify patterns, and make decisions, replicating many human skills.
Peak XV led the Series A funding round, which included additional participation from Titanium Ventures and existing investors Accel and Valley Capital Partners. Since its founding in 2021, RapidCanvas has raised over $23.5 million.
Unlike traditional software that enables humans to do tasks quicker, RapidCanvas’s AI agents can absorb and process information at a large scale, reading thousands of pages in seconds and performing tasks that would take humans days to complete. The platform also adopts a hybrid approach that combines the power of AI agents with human expertise. While AI agents can handle up to 70% of coding tasks faster and more cost-effectively than humans, the remaining 30% of expert tasks- system design, hypothesis testing, and creative problem-solving—still require human intervention. And this model enables RapidCanvas to deliver superior results with significantly fewer human resources, typically requiring only 1 or 2 expert engineers where traditional firms might employ 10.
This ‘Service-as-Software’ approach is efficient in areas like coding, where AI agents can handle many routine, repeatable tasks. The market potential for this is enormous. RapidCanvas estimates that 70% of the functions of software engineers and data scientists can be performed by AI agents, freeing them to focus on valuable work that drives business growth.
RapidCanvas was created by veterans of AI-powered business transformation. Co-founders Rahul Pangam and Uttam Phalnikar previously built Simility, an AI-based risk management platform acquired by PayPal. And their technology was later integrated into PayPal’s global fraud detection operations.
The founders’ deep expertise in AI implementation and its real-world impact drives their mission to make AI accessible and effective for businesses of all sizes. The duo has also assembled a seasoned leadership team that has participated in multiple successful startup exits, including five IPOs.
RapidCanvas’ AI agents autonomously handle complex tasks, reducing the need for technical talent and delivering faster, more scalable results. And this shift from indirect efficiency gains to tangible business results represents a fundamental change in how companies use software.
KEY QUOTES:
“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. 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 customer-centric approach empowers businesses to achieve results in days or weeks, not months—at a fraction of the cost of traditional methods. This funding round will accelerate our mission to make trusted, efficient AI transformation accessible to more enterprises.”
- Rahul Pangam, CEO and co-founder of RapidCanvas
“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. 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.”
- Harshjit Sethi, MD at Peak XV Partners, who led the Series A round
