No-Code Platform RapidCanvas Secures $7.5M in Seed Funding Led by Accel

• ByStartupStory     |    March 14, 2024

RapidCanvas, a leading no-code platform for AI solution development, announced today that it has successfully raised $7.5 million in seed funding. The funding round was led by Accel, a prominent venture capital firm, with participation from Valley Capital Partners. This investment marks a significant milestone for RapidCanvas as it aims to further accelerate its growth and expansion in the rapidly evolving AI landscape.

RapidCanvas offers an end-to-end platform designed to automate and facilitate the process of prototyping, creating, and implementing AI solutions for businesses. The platform empowers business leaders to harness the power of AI without the need for extensive coding knowledge or data science expertise.

Rahul Pangam, CEO and Co-founder of RapidCanvas, expressed his enthusiasm about the company’s mission and the impact of its AutoAI platform. He stated, “RapidCanvas empowers business experts to go from idea to AI outcomes with a guided, expert-verified, automated approach that leads to transparent 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.”

The funding comes at a crucial time as enterprises increasingly recognize the potential of AI to drive innovation and competitive advantage. However, the journey from pilot AI projects to full-scale production deployments has been hindered by various challenges, including a shortage of AI talent and the complexity of traditional development processes.

Dinesh Katiyar, Partner at Accel, highlighted the significance of RapidCanvas’ solution in addressing these challenges. He commented, “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.”

Founded by Rahul Pangam and Uttam Phalnikar, RapidCanvas aims to democratize AI by enabling business users to develop AI solutions tailored to their requirements without the need for specialized data science knowledge or extensive coding expertise. The platform, built on cloud infrastructure, prioritizes data security and compliance, being SOC2 compliant, and seamlessly integrates with over 300 databases, applications, and libraries.

With the new funding, RapidCanvas plans to focus on customer acquisition, expand its commercial team, and further invest in research and development to enhance its platform’s capabilities.

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