RapidCanvas Empowers Top Industries to Harness AI’s Full Potential.
AUSTIN, Texas (AI Reporter/News): In a significant development for the business technology sector, RapidCanvas, the AI platform built for business, said on March 13, 2024 it has launched with $7.5 million (Rs 56.25 crore) in seed funding from leading investors Accel and Valley Capital Partners.
According to the media release, RapidCanvas has made its debut, stepping out of stealth mode with a strong endorsement from pioneering business leaders. These early adopters have successfully utilized the platform to produce significant business outcomes, showcasing its effectiveness.
They have rapidly advanced their AI initiatives, moving from prototype to full deployment in production environments in an impressively short time span. Remarkably, this entire process was accomplished without the need to write any code, demonstrating RapidCanvas’s ease of use and accessibility.
No-Coding AI Solutions Redefine Expertise
Traditional AI platforms have long operated on the belief that only highly trained data scientists and engineers are capable of driving AI strategy and implementation. Even low-code and “no-code” solutions require at least some custom software development and expert knowledge of data science modeling techniques. Until now, business leaders and domain experts, who hold deep operational knowledge in leveraging data to tackle business challenges, have been held back from creating their own AI solutions.
Bridging the Skills Gap for Full Adoption
By neglecting to empower business leaders and domain experts, organizations lose out on valuable opportunities to harness the full potential of AI. Gartner predicts that over 80% of enterprises will adopt generative AI, yet currently only 54% of AI projects make it from pilot to production and 68% of executives surveyed report a moderate-to-extreme AI skills gap.
“AI is transforming businesses but its adoption is outpacing the growth of the data science and engineering talent pool, leaving organizations without the resources to take advantage of the opportunities presented by AI.”, the tech startup said.
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AI Platform for Business Leaders with Conversational Creation
RapidCanvas is the first end-to-end platform to automate and guide business leaders and domain experts to create an AI solution quickly with a conversational interface, eliminating the need for support from data engineering teams and developers.
Rahul Pangam, CEO and co-founder of RapidCanvas, said, “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.”, he added.
Rahul Pangam further added, “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.”
Tailoring AI Solutions for Global Industry Leaders
“RapidCanvas is already empowering global companies, including Fortune 200, across the manufacturing, direct-to-consumer, real estate, and financial services industries with tailored AI solutions.”, the company media release said.
“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.”, he elaborated.
Simplifying AI Creation on a Secure Platform
RapidCanvas features an AI-powered interface that guides users through the automated generation of AI models. Users can interact with the platform to generate and iterate on AI solutions tailored to their specific business needs and challenges. An enterprise-grade platform, RapidCanvas is SOC2 compliant, built on a scalable, secure cloud infrastructure and seamlessly integrates with more than 300 databases, applications, and libraries.
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Bridging the AI Gap for Enterprises with Speed and Economy, says Accel Partner
“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.”, he added.
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From Google to PayPal, Founders’ Journey to Empower Business with AI
The journey of RapidCanvas began with Pangam at Google, where he led teams in using AI without coding. After Google, Rahul Pangam and Uttam Phalnikar co-founded Simility, a standout in machine learning for risk management, later acquired by PayPal.
Uttam Phalnikar, known for building startups like Saba and Jive into IPO successes, brings deep tech architecture expertise. Together again at RapidCanvas, they’re joined by veterans from various industries, blending experiences from successful startups and major cloud platforms to empower business users with AI.
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