With the raised funds, RapidCanvas aims to fuel both customer acquisition through go-to-market and commercial team expansion and customer retention through R&D investments.
With this most recent round of fundraising, Nanonets has now raised USD 40 million in total. The startup had raised USD 10 million in a Series A funding round in 2022.
The startup aims to deploy the funds for R&D, to create new products and improve its current line of offers. A portion of the funds will also be used to establish the company's go-to-market strategy.