New Delhi, Oct. 16 -- RapidCanvas, a managed artificial intelligence execution company, has raised $29 million in a Series B funding round led by Vertex Ventures SEA & India, the startup announced on Friday.

Hitachi Ventures joined the company's cap table, while existing investors Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures also participated in the round. With the latest investment, RapidCanvas has raised a total of $52.5 million.

The company will use the funding to expand its go-to-market teams and network of private equity and advisory partners. It also plans to grow its field AI engineering team across India, the US and Brazil.

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