Austin-based startup RapidCanvas recently announced the completion of a $16 million Series A funding round aimed at advancing its AI Agent technology. These AI Agents can automate up to 75% of the complex tasks traditionally handled by data scientists and engineers.
This funding round was led by Peak XV Partners, with participation from Titanium Ventures, Accel, and Valley Capital Partners, bringing RapidCanvas's total funding to $23.5 million since its establishment in 2021. RapidCanvas aims to address the global tech talent shortage through its "service as software" model, which combines AI Agents with human expertise.
The hybrid model of this platform allows businesses to reduce their reliance on technical talent, often requiring only one or two expert engineers to complete tasks that typically need large team collaboration. RapidCanvas excels particularly in coding-related tasks, with AI Agents capable of automating up to 70% of daily operations, allowing experts to dedicate more time to high-value work. The company estimates that 70% of the nearly $1 trillion in salaries paid to software engineers and data scientists globally could be optimized through AI, helping businesses achieve quicker returns on investment and drive growth.
RapidCanvas co-founders Rahul Pangam and Uttam Phalnikar come from the field of AI-driven business transformation and previously co-founded the risk management platform Simility, which was acquired by PayPal. The company's Reliable AI framework ensures the effectiveness, safety, and interpretability of output results, thereby helping businesses implement AI solutions more quickly and at a much lower cost than traditional methods.
Unlike traditional Software as a Service (SaaS) tools, RapidCanvas directly ties software costs to business outcomes, marking a shift in automation potential. Early customer feedback indicates consistent value across different use cases, demonstrating its scalability and efficiency.
With this funding, RapidCanvas plans to accelerate AI adoption across industries, helping businesses overcome the tech talent shortage and providing customized AI solutions that drive growth and profitability.
Currently, AI Agents have become a hot trend, with many large tech companies and startups investing in them. North Carolina-based AI startup Aampe is also building an agent infrastructure that provides personalized experiences for product and marketing teams and has successfully completed an $18 million Series A funding round. The global AI Agent market is expected to grow from $5.29 billion in 2024 to $21.68 billion by 2035.
Highlights:
🤖 RapidCanvas secures $16 million in Series A funding, dedicated to developing AI Agents to tackle the tech talent shortage.
💻 AI Agents can automate up to 75% of complex tasks, significantly reducing businesses' reliance on technical talent.
📈 The global AI Agent market is expected to grow rapidly, rising from $5.29 billion in 2024 to $21.68 billion by 2035.
