RapidCanvas, an AI based platform, announced its launch with $7.5 million in seed funding led by Accel, with participation from Valley Capital Partners. RapidCanvas is unveiling its AutoAI platform, enabling business users for the first time to build prototype artificial intelligence (AI) solutions in days and full-scale production deployments in less than a month, all without writing a single line of code, as per a company statement.
Gartner, a consulting company, predicts that over 80 per cent of enterprises will adopt generative AI, yet currently, only 54 per cent of AI projects progress from pilot to production. Furthermore, 68 per cent of executives surveyed report a moderate-to-extreme AI skills gap.
The company statement mentions that until now, business leaders and domain experts, who possess deep operational knowledge in leveraging data to tackle business challenges, have been unable to create their own AI solutions.
RapidCanvas is an end-to-end platform designed to automate and guide business leaders and domain experts through prototyping, creating, evolving, and explaining their own AI solutions, reads the company statement.
Through its conversational interface, it streamlines the AI development process by enabling users to independently create and refine AI solutions tailored to their business needs, bypassing the need for data engineering or developer support. RapidCanvas is also SOC2 compliant, built on a secure, scalable cloud infrastructure, and integrates with over 300 databases, applications, and libraries.
“Our goal is to demystify the application of AI for everyday business problems for those who are bold enough to lead game-changing AI transformation,” said Rahul Pangam, CEO and co-founder of RapidCanvas.
The funds will help with both customer acquisition, commercial team expansion, and customer retention by investing in R&D and building a customer success capability. This will help ensure long-term growth through acquiring new customers and fostering AI success for existing ones.
