RapidCanvas – an AI platform built for business – announced it has exited stealth mode with $7.5 million in seed funding led by Accel with participation from Valley Capital Partners.
Early adopter business leaders already validated the platform by driving real business outcomes. These leaders have accelerated AI transformation goals by prototyping solutions in days and deploying them in production environments within a month without writing a single line of code.
The traditional AI platforms have long worked on the belief that only highly trained data scientists and engineers can drive AI strategy and implementation. And low-code and no-code solutions require at least some custom software development and knowledge of data science modeling techniques. So business leaders and domain experts with deep operational knowledge in utilizing data to tackle business challenges have been held back from creating AI solutions.
By neglecting to enable business leaders and domain experts, organizations have been losing out on opportunities to harness AI’s full potential.
RapidCanvas is the first end-to-end platform that automates and guides business leaders and domain experts to create an AI solution quickly with a conversational interface, eliminating the need for support from data engineering teams and developers.
RapidCanvas offers an AI-powered interface that guides users through the generation of AI models. And users can interact with the platform for generating and iterating on AI solutions personalized to their specific business use cases and challenges. RapidCanvas is SOC2 compliant, built on a scalable, secure cloud infrastructure, and seamlessly integrates over 300 databases, applications, and libraries.
RapidCanvas’ team first encountered the challenges of empowering business users with AI while RapidCanvas co-founder and CEO Rahul Pangam worked at Google, where he built and led analyst teams that used AI platforms extensively without writing code. After his time at Google, Pangam partnered with Uttam Phalnikar in co-founding Simility, a machine learning-based risk management platform that swiftly rose to prominence as a top 3 Fraud and AML Machine Learning Platform that was acquired by PayPal.
Phalnikar has a track record of architecting systems from the ground up, leading to successful IPOs at companies like Saba and Jive. And Pangam and Phalnikar teamed up again at RapidCanvas, where a diverse team of industry veterans joined them.
KEY QUOTES:
“Despite the proliferation of no-code AI platforms, there remain two primary barriers that prevent business experts from bridging the gap between having data and solving a problem. The first is ensuring the validity of the results by using appropriate data science methodologies typically requiring a seasoned data scientist. The second barrier is the inadvertent introduction of risk incorporating flawed models into operations leading to unintended consequences. RapidCanvas empowers business experts to go from idea to AI outcomes with a guided, expert-verified, automated approach that leads to transparent, explainable, and verifiable outcomes. Our goal is to demystify the application of AI for everyday business problems for those who are bold enough to lead game-changing AI transformation.”
- Rahul Pangam, CEO and co-founder of RapidCanvas
“Our vision was to integrate AI into our demand prediction and inventory management processes. The transition from spreadsheet-based models to RapidCanvas’s sophisticated AI model has been a game-changer. We’ve seen a 35% improvement in operational efficiency and a 50% reduction in time spent on manual adjustments, eliminating operational bottlenecks and streamlining our processes.”
- Arthur Strommer, vice president at MTE-THOMSON, an automotive parts manufacturer
“While the potential of AI has become increasingly obvious to enterprises around the world, their ability to incorporate AI solutions into their operations is limited by time, talent, and money. RapidCanvas has created a unique solution to this problem, providing business users with a co-pilot that enables them to build AI solutions specific to their needs, quickly and economically.”
- Dinesh Katiyar, partner at Accel
