AI startup RapidCanvas bags $16M in Series A funding led by Peak XV

RapidCanvas, a US-based AI agent startup, has bagged $16 million in a Series A funding round led by Peak XV Partners, with additional participation from Titanium Ventures and existing investors, Accel and Valley Capital Partners.

The startup claims its AI agents can automate up to 75% of complex tasks traditionally performed by data scientists and engineers. These agents, powered by large language models (LLMs), can process vast amounts of information, identify patterns, and make decisions, effectively replicating many human skills.

RapidCanvas’ service-as-a-software (SaaS) model aids enterprises in implementing tailored AI solutions without technical talent by combining AI agents with expert guidance.

This funding round will accelerate the startup’s journey of making trusted, efficient AI transformation accessible to more enterprises, according to Co-founder and CEO Rahul Pangam.

RapidCanvas was co-founded by Pangam and Uttam Phalnikar, who previously built Simility, an AI-powered risk management platform acquired by PayPal and integrated into its global fraud detection operations.

The startup’s platform combines AI agents, which can handle 70% of coding tasks faster and cost-effectively, with human expertise for the remaining 30% of tasks, including system design, hypothesis testing, and creative problem-solving.

It claims that this hybrid model enables superior results with far fewer human resources, typically requiring only one or two expert engineers, compared to the 10 typically employed by traditional firms.

“Our context-aware AI agents automate critical tasks like data preparation, transformation, and modelling, 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,” Pangam said.

He added that this approach enables businesses to achieve results in days or weeks, rather than months, at a fraction of the cost of traditional methods.

“There is a huge gap in data science expertise across organisations. 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 organisations fill this gap and drive results in a scalable and efficient manner,” Harshjit Sethi, MD at Peak XV, noted.