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RapidCanvas Secures $16 Million to Democratize AI-Driven Business Transformation
Austin, Dec. 11, 2024 (GLOBE NEWSWIRE) — The surge in artificial intelligence (AI) adoption has been met with a significant challenge: a shortage of skilled technical talent. RapidCanvas is addressing this dilemma with innovative AI agents designed to automate up to 75% of intricate tasks typically executed by data specialists and engineers. The company’s recent funding announcement revealed a $16 million investment round aimed at further enhancing these agents, which utilize Large Language Models (LLMs) to analyze extensive datasets, recognize patterns, and execute decisions akin to human capabilities.
The Series A funding round was spearheaded by Peak XV and saw contributions from Titanium Ventures and existing backers Accel and Valley Capital Partners. With this latest infusion, RapidCanvas has raised a total of over $23.5 million since its launch in 2021.
Co-founders of RapidCanvas, Rahul Pangam and Uttam Phalnikar, are both seasoned professionals in AI-driven business solutions.
Despite Gartner’s forecast that more than 80% of organizations plan to implement AI-enabled processes in the near future, a staggering 68% of executives identify the scarcity of tech talent as a major impediment. The reliance on data engineers and scientists, who often engage in monotonous coding and data preparation tasks, can prolong AI implementation timelines, hamper ROI realization, and inhibit overall business growth.
Unlike conventional software that merely accelerates human tasks, RapidCanvas’s AI agents can rapidly assimilate and process information, capable of reviewing thousands of pages in mere seconds and completing assignments that may take humans days. Moreover, the platform distinguishes itself with a hybrid model that merges AI capabilities with human oversight. While these agents can efficiently tackle up to 70% of coding responsibilities, the remaining 30%—which includes system architecture, hypothesis development, and innovative problem-solving—still necessitates human expertise. This approach allows RapidCanvas to deliver more effective outcomes with a reduced human workforce, generally requiring only one or two expert engineers instead of the conventional ten.
The company’s innovative ËœService-as-Software’ model significantly enhances areas like coding, automating many repetitive and time-consuming tasks. The potential market for these efficiencies is immense. With approximately 30 million software engineers and data scientists worldwide, totaling nearly $1 trillion in salaries, RapidCanvas estimates that automation could handle up to 70% of their workload, thus allowing these professionals to concentrate on strategic initiatives that drive business success.
Founded by industry veterans, Pangam and Phalnikar previously developed Simility, an AI-based risk management solution acquired by PayPal, whose technology was integrated into the company’s global fraud detection systems. Their extensive knowledge of AI application fuels their ambition to make AI accessible to businesses of varied sizes. They have also assembled a leadership team with extensive experience in steering startups toward successful exits, including five IPOs.
“At RapidCanvas, we’re redefining how organizations confront complex issues by marrying generative AI’s capabilities with expert insights from the relevant domains,” noted Rahul Pangam, CEO and co-founder. “Our context-aware AI agents perform essential functions like data preparation, transformation, and modeling, enabling business users to forge custom AI solutions through straightforward natural language queries. Our expert-in-the-loop methodology ensures that human supervision is maintained at critical decision stages, validating results and enhancing real-world applicability. Additionally, our Reliable AI framework guarantees that all outputs are verified, secure, and comprehensible. This customer-centric strategy empowers organizations to realize outcomes in days or weeks—rather than months—at a fraction of the cost associated with traditional methods. This capital infusion will expedite our goal of making dependable, efficient AI transformation accessible to a broader range of enterprises.”
The ËœService-as-Software’ approach signifies a pivotal shift in automation. Traditionally, Software-as-a-Service (SaaS) has dominated the software market landscape, enhancing efficiency through workflow automation. However, the ROI of SaaS is limited to employee productivity improvements rather than direct business performance. In contrast, RapidCanvas connects software expenses to actual business results. Its AI agents autonomously manage intricate tasks, thereby reducing the dependence on technical talent and providing swifter, more scalable outcomes. This evolution from ancillary efficiency enhancements to concrete business results represents a significant transformation in how companies leverage software platforms.
Harshjit Sethi, MD at Peak XV Partners, who oversaw the Series A investment, commented on the substantial gap in data science expertise across enterprises. “Many organizations find themselves either relying excessively on external consultants or discontinuing their projects,” he stated. “RapidCanvas’ unique model merges AI capabilities with subject matter experts, enabling organizations to bridge this gap and achieve results efficiently and at scale. The initial customer base has demonstrated a strong demand for our solutions, consistently expanding their use cases and showcasing the value being delivered.”
Looking forward, RapidCanvas is poised to spearhead AI-driven business transformation. By eliminating the necessity for extensive technical skills, the company empowers enterprises to discover tailored AI solutions more swiftly, enabling them to concentrate on what’s truly essential: pursuing new growth avenues and enhancing revenue and profitability.
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Notes to the editor
Media images can be found here. For further information, please contact the RapidCanvas press office: Bilal Mahmood on b.mahmood@stockwoodstrategy.com or +44 (0) 771 400 7257.
About RapidCanvas
RapidCanvas is an AI platform that synergizes AI agents’ precision and automation capabilities with human expertise, delivering measurable business outcomes. With RapidCanvas, organizations can develop custom, high-performance, production-level AI solutions ten times faster and at 80% lower costs than conventional methods.
RapidCanvas has been recognized as a top five Data Science and Machine Learning platform by independent research firm G2 for customer satisfaction. The company collaborates with industry leaders in manufacturing, retail, and financial services to unlock AI’s complete potential. For more insights, visit https://www.rapidcanvas.ai/ or follow on LinkedIn, X, or YouTube.
About Peak XV Partners
Peak XV Partners (formerly Sequoia Capital India & SEA) is a prominent venture capital firm investing throughout India, Southeast Asia, and beyond. With 18 years of operations in the region, Peak XV manages roughly USD 9 billion in capital across 13 funds and has invested in over 400 companies. The portfolio includes 23 IPOs and multiple successful M&A transactions, yielding over USD 10 billion in realized and unrealized gains to date. For more details, visit: www.peakxv.com.
About Accel
Accel is a global venture capital firm dedicated to being the first partner to exceptional teams at every stage of a private company’s growth. Operating in India since 2008, Accel’s investment portfolio includes pioneering companies such as BookMyShow, Browserstack, Flipkart, and Swiggy, among others. For more information, visit: www.accel.com.
About Valley Capital Partners
Valley Capital Partners is a leading early-stage venture capital firm that supports mission-driven founding teams in enterprise and cloud infrastructure, cybersecurity, workflow automation, and artificial intelligence. With a focus on leveraging its professional networks and extensive operational and investment experience, Valley Capital assists founders in building their companies into world-class enterprises. Based in Menlo Park, CA, with offices in Pittsburgh, PA, and Hong Kong, SAR, learn more at www.valleycapital.vc.
About Titanium Ventures
Titanium Ventures Accelerates the Extraordinary. This venture capital firm invests in standout disruptors, with its first twelve years yielding 102 investments and 44 liquidity events, including significant successes like CrowdStrike and DocuSign. Titanium’s Revenue Acceleration Platform has generated over USD 660 million in revenue for its portfolio. In 2022, the firm concluded its third fund, increasing its managed capital to USD 1 billion. More information is available at www.ti.vc.
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