Latest news with #Refold
Economic Times
4 days ago
- Business
- Economic Times
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.
Techday NZ
4 days ago
- Business
- Techday NZ
Refold AI raises USD $6.5m to automate enterprise API tasks
Refold AI has emerged from stealth with USD $6.5 million in seed funding to offer a platform designed to simplify enterprise API integrations using artificial intelligence. Enterprises collectively spend an estimated USD $350 billion every year on consultancies and system integrators to ensure their APIs function as required. Refold AI, a startup based in San Mateo and Bangalore, states that its platform can replace these manual, outsourced efforts with AI-native infrastructure, reducing integration costs and complexity for businesses. The funding round was led by Eniac Ventures and Tidal Ventures, with participation from Better Capital, Ahead VC, Karman Ventures, Z21 and individual investors. The company intends to use the proceeds to hire additional engineers, expand product integrations, and provide further support for its enterprise clients. Addressing enterprise integration Refold AI was founded by the team behind medical technology startup JustDoc, who identified inefficiencies in existing integration processes, particularly during their work with large-scale SAP environments. Jugal Anchalia, Refold's Co-Founder and Chief Executive Officer, described the origins of the company's mission: "We were spending more time managing chaos than building software. We started Refold with a simple idea: integrations are repeatable and cumbersome, it should not need humans." The company's offering has attracted over 30 paying enterprise customers, including Incorta and Naehas. Refold reports it has doubled its customer base in the last two months, now supporting over 1,500 active users and processing more than 30 million API calls monthly, with annual recurring revenue in the seven-figure range. AI-native approach Refold's approach centres on automated, self-learning agents to manage integrations. Instead of relying on middleware solutions or teams of developers to handle system connectivity, Refold's platform deploys autonomous agents that learn system behaviours, generate and maintain integration code, and adapt as the underlying software changes. The company states the platform is actively used for use cases such as synchronising ERP and CRM systems, automating finance processes, and supporting critical supply chain operations. The platform is built on a three-layered architecture. The first layer, Workflow Code Agents, allows engineering teams to produce, test, and maintain integration logic. On top of this is the MCP Chains interface, a natural language tool enabling business teams to describe requirements and have agents automatically generate workflows. The third layer offers an Embedded Integrations Platform, providing software-as-a-service (SaaS) teams with a toolkit and prebuilt UI components for native integrations. Each layer is designed to accelerate implementation timelines and reduce reliance on bespoke service requests. Refold's agents use reasoning and reinforcement learning techniques to deliver and maintain integrations. The company claims to have automated tasks such as financial reconciliation, supply chain inventory synchronisation, and real-time data pipelines between core enterprise systems, tasks that previously required months of effort to deliver and maintain. Moving towards automation Abhishek Kumar, Co-Founder and Chief Product Officer of Refold, commented on the company's objective: "We're not building another workflow tool. We're replacing the consultant economy with agents that learn and scale. In the future, integrations should be free, fast, and invisible." The company currently employs 20 staff across its offices in San Mateo and Bangalore and plans to increase this to 30 by the end of the year as it works to expand the platform and its library of enterprise integrations. Hadley Harris, Founding General Partner at Eniac Ventures, said: "As we enter the agentic era, enterprise integrations stand out as one of the most compelling and valuable use cases. For decades, companies have burned billions on brittle, bloated workflows. Refold has rebuilt the stack from the ground up to make integrations seamless and intelligent, and the market is already catching on." Nicholas Muy, Venture Partner at Tidal Ventures, also weighed in: "Finally, someone is fixing the most broken part of enterprise software. For decades, we've been patching integrations with expensive consultants and manual work. Refold's AI agents don't just patch the problem - they eliminate it. This is a fundamental leap forward." Refold seeks to position its software as an invisible 'logic layer' within enterprise AI stacks as businesses look to modernise and streamline their integration processes.
