Austin, Dec. 11, 2024 (GLOBE NEWSWIRE) — As AI adoption accelerates, a important scarcity of technical expertise threatens to bottleneck progress for a lot of firms. RapidCanvas is breaking this barrier by democratizing AI-driven enterprise transformation. In the present day, the corporate introduced a $16M funding spherical for its AI brokers that automate as much as 75% of complicated duties historically carried out by information scientists and engineers. These brokers, powered by Massive Language Fashions (LLMs), can course of huge quantities of knowledge, determine patterns, and make choices, successfully replicating many human abilities.
The Sequence A funding spherical was led by Peak XV, with further participation from Titanium Ventures and current buyers Accel and Valley Capital Companions (WA:). This brings RapidCanvas’s whole funding to over $23.5M since its inception in 2021.
RapidCanvas founders: (L to R) Rahul Pangam and Uttam Phalnikar.
Though Gartner (NYSE:) predicts over 80% of enterprises will implement AI-powered processes within the coming years, 68% of executives cite an absence of technical expertise as a important barrier. Knowledge scientists and engineers are costly and sometimes tied up in repetitive coding and information transformation duties “ stretching out AI implementation, delaying return on funding (ROI), and stalling enterprise development.
In contrast to conventional software program that merely allows people to do duties faster, RapidCanvas’s AI brokers can soak up and course of data at an unprecedented scale, studying 1000’s of pages in seconds and performing duties that might take people days to finish. Uniquely, the platform adopts a hybrid method that mixes the ability of AI brokers with human experience. Whereas AI brokers can deal with as much as 70% of coding duties sooner and extra cost-effectively than people, the remaining 30% of skilled duties”akin to system design, speculation testing, and artistic problem-solving”nonetheless require human intervention. This mannequin permits RapidCanvas to ship superior outcomes with considerably fewer human assets, sometimes requiring only one or 2 skilled engineers the place conventional corporations would possibly make use of 10.
The RapidCanvas AI Brokers Canvas.
This ˜Service-as-Software program’ method is especially efficient in areas like coding, the place AI brokers can deal with a lot of the routine, repeatable duties. The market potential for that is staggering. With over 30 million software program engineers and information scientists globally representing almost $1 trillion in salaries, RapidCanvas estimates that 70% of those duties will be carried out by AI brokers, liberating them to concentrate on useful work that drives enterprise development.
RapidCanvas was based by veterans of AI-powered enterprise transformation. Co-founders Rahul Pangam and Uttam Phalnikar beforehand constructed Simility, an AI-powered danger administration platform acquired by PayPal (NASDAQ:). Their know-how was later built-in into PayPal’s world fraud detection operations. The duo’s deep experience in AI implementation and its real-world affect drives their imaginative and prescient mission to make AI accessible and efficient for companies of all sizes. The duo has additionally assembled a seasoned management staff that has been a part of a number of profitable startup exits – together with 5 IPOs.
At RapidCanvas, we’re revolutionizing how companies resolve complicated challenges by seamlessly integrating the ability of generative AI with the experience of area specialists, stated Rahul Pangam, CEO and co-founder of RapidCanvas. Our context-aware AI brokers automate important duties like information preparation, transformation, and modeling, permitting enterprise customers to create tailor-made AI options utilizing easy pure language prompts. With our expert-in-the-loop method, we guarantee human oversight at key choice factors, validating outcomes and delivering real-world affect. Furthermore, our Dependable AI framework ensures all outputs are validated, safe and explainable. This customer-centric method empowers companies to realize ends in days or perhaps weeks, not months”at a fraction of the price of conventional strategies. This funding spherical will speed up our mission to make trusted, environment friendly AI transformation accessible to extra enterprises.
The corporate’s ˜Service-as-Software program’ mannequin marks a wholly new period in automation. For the previous 25 years, Software program-as-a-Service (SaaS) has dominated the software program panorama. Though SaaS instruments drive effectivity good points by way of workflow automation, their ROI is proscribed to productiveness good points for workers, moderately than direct enterprise outcomes. In distinction, RapidCanvas instantly hyperlinks software program prices to enterprise outcomes. Its AI brokers autonomously deal with complicated duties, lowering the necessity for technical expertise and delivering sooner, extra scalable outcomes. This shift from oblique effectivity good points to tangible enterprise outcomes represents a elementary change in how firms use software program.
Harshjit Sethi, MD at Peak XV Companions, who led the Sequence A spherical, added There’s a large hole in information science experience throughout organizations. It both makes them depend on exterior consultants or drop these initiatives altogether. RapidCanvas’ revolutionary method of mixing AI brokers with material specialists helps organizations fill this hole and drive ends in a scalable and environment friendly method. RapidCanvas has seen a robust pull from the preliminary base of shoppers who’re constantly including new use instances, demonstrating the worth it’s delivering
Wanting forward, RapidCanvas is properly positioned to steer the cost in AI-powered enterprise transformation. By eliminating the necessity for intensive technical experience, RapidCanvas is ready to overcome the talents hole and assist enterprise firms unlock tailor-made AI options in much less time, letting these firms concentrate on what really issues: unlocking new development alternatives and driving environment friendly income and profitability good points.
Ends
Notes to the editor
Media pictures will be discovered right here. For additional data please contact the RapidCanvas press workplace: Bilal Mahmood on [email protected] or +44 (0) 771 400 7257.
About RapidCanvas
RapidCanvas is an AI platform that mixes the precision and automation of AI brokers with the deep area data of human specialists to ship dependable and measurable enterprise outcomes. With RapidCanvas, enterprises create customized, high-performance, production-grade AI options 10X sooner at 80% decrease value in comparison with conventional customized options.
RapidCanvas is acknowledged as a prime 5 Knowledge Science and Machine Studying platform by unbiased analysis agency G2 for buyer satisfaction. RapidCanvas works with business leaders in manufacturing, retail, and monetary companies to unlock the complete potential of AI. Go to https://www.rapidcanvas.ai/ for extra data or observe by way of LinkedIn, X or YouTube.
About Peak XV Companions
Peak XV Companions (previously Sequoia Capital India & SEA) is a number one enterprise capital agency investing throughout India, Southeast Asia and past. During the last 18 years of operations within the area, Peak XV has grown to handle approx USD 9 billion in capital throughout 13 funds and invested in over 400 firms. The portfolio has seen 23 IPOs and a number of profitable M&As, leading to over USD 10 billion in realized and unrealised good points thus far. For extra, go to: www.peakxv.com.
About Accel
Accel is a worldwide enterprise capital agency that goals to be the primary associate to distinctive groups in every single place, from inception by way of all phases of personal firm development. Accel has been working in India since 2008, and its investments embody firms like BookMyShow, Browserstack, Flipkart, Freshworks, FalconX, Infra.Market, Chargebee, Clevertap, Treatment Match, Musigma, Moneyview, Mensa Manufacturers, Myntra, Moglix, Ninjacart, Swiggy, Stanza Residing, City Firm, Zetwerk, and Zenoti, amongst many others. We assist formidable entrepreneurs construct iconic world companies. For extra, go to: www.accel.com.
About Valley Capital Companions
Valley Capital Companions is a number one early stage enterprise capital agency backing mission-driven founding groups in enterprise and cloud infrastructure, cybersecurity, workflow automation and synthetic intelligence. We leverage our deep skilled networks and decades-long working and funding expertise to assist founders construct and scale their companies into world-class firms. Valley Capital Companions is predicated in Menlo Park, CA with workplaces in Pittsburgh, PA and Hong Kong, SAR. For extra, go to: www.valleycapital.vc.
About Titanium Ventures
Titanium Ventures Accelerates the Extraordinary “ the enterprise capital agency fuels the expansion of standout disruptors. In its first twelve years, 102 investments have generated 44 liquidity occasions together with Auth0, BigCommerce, Field, Cloopen, CrowdStrike (NASDAQ:), DocuSign (NASDAQ:), GitLab, Nasuni, OpenGov and Snap. Thus far, Titanium Ventures’ Income Acceleration Platform has pushed >USD$660M in income for its portfolio firms, extending their attain throughout the U.S., Australia, Asia, and the UK. In 2022, the agency introduced the shut of its third fund, bringing Funds Below Administration to USD$1B. To see Titanium Ventures’ full portfolio and study extra, go to: www.ti.vc.
Supply: Fast Canvas