RapidCanvas, an AI platform designed for business users without coding experience, officially launched on March 13, 2024, after operating in stealth mode. The company concurrently announced $7.5 million in seed funding led by Accel with participation from Valley Capital Partners.
In the past few years, AI tech startups are getting quite a footage in terms of raising investment. Only this year, there have been more than a dozen startups that we have seen receiving funding rounds. Recently, we saw, an enterprise AI assistant startup that uses over 30 Gen AI models to increase productivity, it had secure $25M funding earlier this month.
Challenges in business adoption of AI
Traditionally, implementing AI solutions has been the domain of data scientists and engineers due to the technical expertise required. Even platforms marketed as “low-code” or “no-code” often necessitate some level of custom development and data science knowledge. This has prevented business leaders and domain experts, who possess valuable operational knowledge and understand how data can be leveraged to address business challenges, from independently creating AI solutions.
RapidCanvas aims to bridge this gap by offering a platform that automates and guides business users through the entire process of creating and deploying AI solutions, eliminating the need for support from data scientists or 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,” said Rahul Pangam, CEO and co-founder of RapidCanvas. He identified the key challenges as ensuring data science methodologies are used to validate results and mitigating the risk of incorporating flawed models.
RapidCanvas addresses these concerns with an “expert-verified, automated approach” that aims to deliver transparent, explainable, and verifiable outcomes. This empowers business users to independently move from identifying a problem to implementing an AI solution.
Early successes and real-world results
RapidCanvas is already being used by global companies, including Fortune 200 firms across diverse industries such as manufacturing, direct-to-consumer, real estate, and financial services. These companies are leveraging RapidCanvas to develop tailored AI solutions that address their specific needs.
Arthur Strommer, vice president at MTE-THOMSON, an automotive parts manufacturer, shared his experience with RapidCanvas. He described the platform as a “game-changer” for their demand prediction and inventory management processes. MTE-THOMSON has seen a 35% improvement in operational efficiency and a 50% reduction in manual adjustments since transitioning to RapidCanvas.
RapidCanvas: Features and functionality
RapidCanvas features an AI-powered interface that guides users through the process of generating AI models. Users can interact with the platform to customise and iterate on their solutions. The platform is built on a secure and scalable cloud infrastructure, adheres to SOC2 compliance standards, and integrates seamlessly with over 300 databases, applications, and libraries.
Investor confidence in RapidCanvas’ potential
Dinesh Katiyar, a partner at Accel, a venture capital firm leading the funding round, highlighted the limitations businesses face in adopting AI due to time, talent, and budget constraints. He believes RapidCanvas offers a unique solution by providing business users with a “co-pilot” that enables them to build customised AI solutions quickly and cost-effectively.
The RapidCanvas team: A history of innovation
The RapidCanvas team consists of industry veterans who have experience pioneering data science advancements across various sectors. CEO and co-founder Rahul Pangam previously led analyst teams at Google who utilised AI platforms extensively without coding. Uttam Phalnikar, co-founder, brings a track record of building successful startups and has been involved in multiple successful initial public offerings (IPOs).
What we think about it
RapidCanvas seeks to democratise AI by empowering business users to develop and deploy AI solutions independently. The company’s initial traction, coupled with the expertise of its founding team and the backing of prominent investors, suggests that RapidCanvas could play a significant role in accelerating the adoption of AI across various industries.
