RapidCanvas Exits Stealth with $7.5 Million in Seed Funding to Empower Business Users with AutoAI platform

AUSTIN, TX – March 13, 2024 -- RapidCanvas, the AI platform built for business, announced today it has launched with $7.5 million in seed funding led by Accel with participation from Valley Capital Partners. RapidCanvas emerges from stealth mode with early adopter business leaders having already validated the platform by driving real business outcomes. These leaders were able to accelerate their AI transformation by prototyping AI solutions in days and deploying the solutions in production environments within a month,  all without writing a single line of code.

Traditional AI platforms have long operated on the belief that only highly trained data scientists and engineers are capable of driving AI strategy and implementation. Even low-code and “no-code” solutions require at least some custom software development and expert knowledge of data science modeling techniques. Until now, business leaders and domain experts, who hold deep operational knowledge in leveraging data to tackle business challenges, have been held back from creating their own AI solutions. 

By neglecting to empower business leaders and domain experts, organizations lose out on valuable opportunities to harness the full potential of AI. Gartner predicts that over 80% of enterprises will adopt generative AI, yet currently only 54% of AI projects make it from pilot to production and 68% of executives surveyed report a moderate-to-extreme AI skills gap. AI is transforming businesses but its adoption is outpacing the growth of the data science and engineering  talent pool, leaving organizations without the resources to take advantage of the opportunities presented by AI. 

RapidCanvas is the first end-to-end platform to automate and guide 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.

“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,”said Rahul Pangam, CEO and co-founder of RapidCanvas. “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."

RapidCanvas is already empowering global companies, including Fortune 200,  across the manufacturing, direct-to-consumer, real estate, and financial services industries with tailored AI solutions.

“Our vision was to integrate AI into our demand prediction and inventory management processes,” said Arthur Strommer, vice president at MTE-THOMSON, an automotive parts manufacturer.  “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.”

RapidCanvas features an AI-powered interface that guides users through the automated generation of AI models. Users can interact with the platform to generate and iterate on AI solutions tailored to their specific business needs and challenges. An enterprise-grade platform, RapidCanvas is SOC2 compliant, built on a scalable, secure cloud infrastructure and seamlessly integrates with more than 300 databases, applications, and libraries.

“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,” said Dinesh Katiyar, partner at Accel. “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.”

The RapidCanvas team first encountered the challenge of empowering business users with AI during Pangam’s time at Google, where he built and led analyst teams that used AI platforms extensively without writing code. Following his time at Google, Pangam teamed up 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 and was acquired by PayPal. Uttam Phalnikar has a track record of architecting systems from the ground up leading to successful IPOs at startups like Saba and Jive. Pangam and Phalnikar have teamed up again at RapidCanvas where they are joined by a diverse team of industry veterans who pioneered data science's evolution across various sectors drawing from their collective experiences in high-growth startups and cloud hyperscalers. 
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To learn more about the RapidCanvas platform, please visit https://www.rapidcanvas.ai/platform.

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About RapidCanvas

RapidCanvas is the AI platform for business users. With RapidCanvas, organizations can develop high-performance, production-grade AI solutions 10x faster, all without the need for specialized data science knowledge or coding expertise, or hefty investments in professional services. Leveraging cutting-edge AutoAI technology, RapidCanvas effortlessly navigates users through an automated journey from raw data to explainable and actionable predictions. RapidCanvas works with industry leaders in manufacturing, direct-to-consumer, real estate, and financial services, empowering them to unlock the full potential of AI.

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