3 days ago
AI startup Refold AI raises $6.5 million from Eniac Ventures, Tidal Ventures
Refold AI, a startup focused on automating enterprise API integrations, is coming out of stealth with a $6.5 million seed fundraise co-led by Eniac Ventures and Tidal Ventures.
The Bengaluru and San Mateo-based company offers a platform that replaces manual and outsourced work of connecting APIs with artificial intelligence (AI)-backed autonomous agents. These agents learn how systems interact, write and maintain integration code, and adapt automatically with changes in the software.
Founded by Jugal Anchalia and Abhishek Kumar, Refold AI's technology aims to reduce $350 billion spent by enterprises annually for manual integrations and consulting. Its platform is currently used to manage workflows such as ERP to CRM syncing (enterprise resource planning and customer relationship management), finance automation, and supply chain operations. ERP deals with back-office functions like finance and operations, while CRM maneges front-office interactions like sales and customer service.
Refold AI serves over 30 enterprise customers and supports more than 1,500 active users, processing over 30 million API calls per month. The startup was founded by the team behind JustDoc, who experienced integration challenges firsthand in large SAP environments where small changes caused significant downtime and costs. With a team of 20 across San Mateo and Bengaluru, Refold aims to deepen its integration catalogue and push toward seamless, low-friction deployment to serve enterprises modernising their AI stacks. The company's engineering team is fully based out of Bengaluru and by the end of this year, the startup will hire about 10 more employees.
Enterprise software environments can be complex, and selling software to large organisations involves significant integration challenges. For example, an inventory management platform used for demand forecasting may need to connect with an enterprise's existing ERP platform, such as SAP. These systems need to be able to connect with each other, cofounder and CEO Anchalia explained. "However, enterprise systems are often heavily customised. Even if two companies use the same ERP platform, their configurations and data structures can be significantly different. This means each integration must be built separately, even when the underlying ERP software is the same," he these integrations are handled by people, often via large system integrators and consultants. This service‑driven approach accounts for an estimated $350 billion spent annually on manual integration work, which Refold aims to automate."This was a hard problem to solve before but now, with AI automating coding and other such processes, it will become easier," the CEO company will use the fresh capital to grow the engineering team, enhance product integrations, and support the expanding enterprise customer base, Anchalia told ET.
