Refold AI Secures $6.5M to Revolutionize Enterprise Software Integrations with AI Agents

Refold AI raises $6.5M to simplify enterprise software integrations and APIs - SiliconANGLE

Refold AI raises $6.5M to simplify enterprise software integrations and APIs Refold AI, an enterprise startup that provides artificial intelligence to automate application programming interface integrations, today announced it launched with $6.5 million in seed funding. Eniac Ventures and Tidal Ventures co-led the company's funding round. Better Capital, Ahead VC, Karman Ventures and Z21 also participated in the investment alongside several notable unnamed angels. Founded in 2023 by Jugal Anchalia and Abhishek Kumar (pictured), Refold AI seeks to change how enterprise development teams integrate software by replacing traditional middleware and manual coding with AI agents that can understand system behavior to write and maintain code and adapt to changes. Application Programming Interfaces serve as communication channels between various software applications, enabling synchronization between systems like Enterprise Resource Planning and Customer Relationship Management software, such as SAP Business One and Salesforce. APIs enable development teams to connect two separate systems, ensuring that similar fields in both can be updated and synchronized. However, should a field in one change or a software update happen to the other, the "connective tissue" of the API may break down until the development team fixes it. This could mean the users and developers lose hours of productivity until it's working again. "We were spending more time managing chaos than building software," said Jugal Anchalia, Refold's co-founder and chief executive. "We started Refold with a simple idea: integrations are repeatable and cumbersome; it should not need humans." To address this issue, Refold developed AI software that supports everyone, from advanced engineers to end users. At its core, Refold offers Workflow Code Agents, which provide engineering teams the ability to generate, test and maintain integration logic without the need to use templates. In addition to this are MCP Chains, which enable the use of natural language to describe outcomes to agents and have them generate operating workflows automatically. For software-as-a-service teams, Refold has launched an Embedded Integrations Platform, providing a plug-and-play toolkit with prebuilt user interface components. Ideally, by using AI agents instead of pre-written middleware or humans that have to react to tickets when things become a problem, software can inform users when something has gone wrong and help fix it automatically. This includes detecting when fields change and need to match up again or a software version modifies how an API works. An AI agent can be tasked with detecting failures, rerouting tasks and repairing integrations without user intervention. And then, inform the development team so that they can review the change or modify it. Refold works with over 1,000 pre-built connectors, including 1Password, Hubspot, Salesforce, Gmail, OpenAI and Slack. Abhishek Kumar, co-founder and Chief Product Officer of Refold, said companies shouldn't have to pay consultants to fix their integrations and APIs when they go down.

AI startup Refold AI raises $6.5 million from Eniac Ventures, Tidal Ventures - The Economic Times

Bengaluru and San Mateo-based Refold AI 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.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 said. Currently, 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 said. The company will use the fresh capital to grow the engineering team, enhance product integrations, and support the expanding enterprise customer base, Anchalia told ET.

Refold Raises $6.5 Million for AI Agents That Perform API Integrations | PYMNTS.com

The platform uses AI agents that learn how systems interact, write and maintain integration code, and adapt as software changes, eliminating the need for teams or middleware, the company said in a Wednesday (Aug. 13) press release. "We started Refold with a simple idea: integrations are repeatable and cumbersome, it should not need humans," Refold Co-founder and CEO Jugal Anchalia said in the release. Refold Co-founder and Chief Product Officer Abhishek Kumar said in the release: "We're replacing the consultant economy with agents that learn and scale. In the future, integrations should be free, fast and invisible." Refold already works with more than 30 paying enterprise customers, supports more than 1,500 active users, processes more than 30 million API calls per month, and earns seven-figure annual recurring revenue, according to the release. With the new funding, the company will expand its engineering team, deepen product integrations and support its growing enterprise customer base, the release said. Refold's seed round was co-led by Eniac Ventures and Tidal Ventures, per the release. Eniac Ventures Founding General Partner Hadley Harris said in the release that enterprise integrations are one of the most compelling use cases for agentic AI. "For decades, companies have burned billions on brittle, bloated workflows," Harris said. "Refold has rebuilt the stack from the ground up to make to make integrations seamless and intelligent, and the market is already catching on." Tidal Ventures Venture Partner Nicholas Muy said in the release that integrations are "the most broken part of enterprise software," requiring expensive consultants and manual work. "Refold's AI agents don't just patch the problem -- they eliminate it," Muy said. "This is a fundamental leap forward." AI agents are the next level for productivity at work, as they can transform a small staff into a productive workforce that can tackle tasks typically handled by larger teams, PYMNTS reported in February.