Enterprise AI startup RapidCanvas announced a $29 million Series B on October 16. The company said Vertex Ventures SEA and India led the financing and Hitachi Ventures participated with existing investors.
RapidCanvas says the capital will support platform investment and expansion with larger enterprises and in additional markets. Its announcement puts total disclosed funding at $52.5 million but does not provide a valuation or detailed use-of-proceeds breakdown.
The company also reported eightfold ARR growth over six quarters and more than 75 enterprise customers. These metrics are self-reported and were not independently audited in the release; ARR is not the same as recognized revenue.
The round adds a growth-stage financing to the enterprise-AI market. Hitachi Ventures’ participation is notable, but the announcement does not specify a commercial agreement between Hitachi and RapidCanvas.