RapidCanvas launches accessible, BI-focused AI accelerator
RapidCanvas, the AI platform built for business, is emerging from stealth with $7.5 million in seed funding, propelled to accelerate enterprises’ AI transformations. The funding, led by Accel with participation from Valley Capital Partners, will power RapidCanvas’ end-to-end AI automation and guidance platform for enterprises aiming to get a jumpstart on their AI initiatives.
Despite the explosive popularity of AI, the barrier of entry for developing and implementing AI-based solutions remains low, requiring custom software development or data science expertise to drive AI strategy, according to RapidCanvas. Ensuring that business leaders and domain experts—with their extensive operational and business knowledge—can achieve AI excellence is the goal for RapidCanvas’ platform.
“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. The first is ensuring the validity of the results by using appropriate data science methodologies typically requiring a seasoned data scientist. The second barrier is the inadvertent introduction of risk, incorporating flawed models into operations leading to unintended consequences,” said Rahul Pangam, CEO and co-founder of RapidCanvas.
“RapidCanvas empowers business experts to go from idea to AI outcomes with a guided, expert-verified, automated approach that leads to transparent, explainable, and verifiable outcomes. 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,” continued Pangam.
RapidCanvas’ platform delivers an AI-powered interface engineered to guide users through the automated generation of AI models, according to the company. The platform then empowers its users to produce and iterate on AI solutions—custom-fit to their business’ unique needs—based on business intelligence.
“Our vision was to integrate AI into our demand prediction and inventory management processes,” said Arthur Strommer, vice president at MTE-THOMSON, an automotive parts manufacturer. “The transition from spreadsheet-based models to RapidCanvas's sophisticated AI model has been a game-changer. We've seen a 35% improvement in operational efficiency and a 50% reduction in time spent on manual adjustments, eliminating operational bottlenecks and streamlining our processes.”
On the front of security, RapidCanvas offers a SOC2 compliant, enterprise-grade platform built atop a scalable, secure cloud infrastructure. The platform can be integrated with over 300 databases, applications, and libraries.
“While the potential of AI has become increasingly obvious to enterprises around the world, their ability to incorporate AI solutions into their operations is limited by time, talent, and money,” said Dinesh Katiyar, partner at Accel. “RapidCanvas has created a unique solution to this problem, providing business users with a co-pilot that enables them to build AI solutions specific to their needs, quickly and economically.”
To learn more about RapidCanvas, please visit https://www.rapidcanvas.ai/.