A startup that helps businesses to use AI more efficiently has just emerged from stealth with a $7.5 million seed round.
Texas-based RapidCanvas bills itself as “an AI platform built for business professionals,” said cofounder and CEO Rahul Pangam.
AI adoption in the workplace can be hindered by a lack of ability to use the technology. Often, businesses assign the task of operating AI platforms to data analysts or engineers, who have some technical understanding of AI. RapidCanvas has developed an AI platform that automates the use of such AI tools — especially those that are more complex — so more business professionals can adopt them.
Pangam first encountered this problem at Google, where he led analyst teams to use AI platforms without coding.
The startup hosts an AI-powered interface, which guides users to generate AI models automatically. They can also use the platform to develop solutions specific to their use case.
“If someone wants to do a modeling task, it’s hard for an everyday person to do that without coding or meeting data professionals,” said Pangam. “As a self-service platform, you can use it to predict demand, and compare how it would perform according to historical data.”
The startup makes money by offering a subscription model to clients, including Fortune 200 companies in sectors spanning manufacturing and real-estate to financial services.
RapidCanvas also claims to greatly cut down the time businesses need to implement a new AI solution — from nine months, the current standard, to around four weeks, Pangam told BI.
Amid a buoyant funding environment for AI startups globally, Pangam acknowledged that it was “easier to get an audience” of investors to look at their mission.
The seed round was led by US venture capital giant Accel, which has previously backed Synthesia and Viso.ai. Additional participation came from Valley Capital Partners.
With the fresh funds, RapidCanvas will grow its sales and commercial teams.
Check out the 9-slide pitch deck used to secure the fresh funds.
