AI Agents Startup RapidCanvas Secures $16M to Address Technical Talent Shortage
Austin-based RapidCanvas has announced a $16 million Series A funding round to advance its AI agents, which can automate up to 75% of complex tasks traditionally handled by data scientists and engineers. The round, led by Peak XV Partners with participation from Titanium Ventures, Accel, and Valley Capital Partners, brings the company’s total funding to $23.5 million since its inception in 2021. RapidCanvas aims to address the global shortage of technical talent by offering a “Service-as-Software” model that integrates AI agents with human expertise. These AI agents, powered by LLMs, perform tasks such as data processing, pattern recognition, and decision-making at high speed and scale. Addressing Technical Talent Shortage The hybrid approach allows businesses to reduce reliance on technical talent, requiring only one or two expert engineers for tasks that typically need larger teams. The platform is particularly effective in coding-related tasks, where AI agents automate up to 70% of routine operations, freeing experts to focus on high-value work. RapidCanvas estimates that 70% of the nearly $1 trillion in global salaries paid to software engineers and data scientists could be optimised with AI, enabling enterprises to unlock faster ROI and business growth. The company’s co-founders, Rahul Pangam and Uttam Phalnikar, come from an experience of working in AI-powered business transformation space, and have previously built Simility, a risk management platform acquired by PayPal. The company’s Reliable AI framework ensures validated, secure, and explainable outputs, enabling businesses to implement AI solutions faster and at a fraction of the cost of traditional methods. Unlike traditional Software-as-a-Service (SaaS) tools that improve employee productivity, RapidCanvas links software costs directly to business outcomes, marking a shift in automation’s potential. The startup claims that early customers have reported consistent value across diverse use cases, showcasing the platform’s scalability and efficiency. With this funding, RapidCanvas is set to accelerate AI adoption across industries, helping enterprises overcome the technical talent gap and achieve tailored AI solutions that drive growth and profitability. AI Agents is Growing Observing the current trend, AI agents seem to be a hot trend with a number of big tech companies and startups building them. Aampe, an AI startup, headquartered in North Carolina, is building agentic infrastructure to provide personalised experiences for product and marketing teams. The startup raised $18 million in Series A financing, and will reveal that 100 million AI agents are being used in their consumer apps. The global AI agents market is expected to grow from $5.29 billion in 2024 to $ 216.8 billion by 2035.
RapidCanvas estimates that 70% of the nearly $1 trillion in global salaries paid to software engineers and data scientists could be optimised with AI.
RapidCanvas estimates that 70% of the nearly $1 trillion in global salaries paid to software engineers and data scientists could be optimised with AI.
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["AI", "Aim", "TPU", "R", "Scala", "API", "ViT", "automation", "startup", "funding"]
As a rare blend of engineering, MBA, and journalism degree, Vandana Nair brings a unique combination of technical know-how, business acumen, and storytelling skills to the table. Her insatiable curiosity for all things startups, businesses, and AI technologies ensures that there's always a fresh and insightful perspective to her reporting. She now hosts her tech segment 'Point Break' on AIM Tv.