AI company Refold secures a seed round of $6.5 million, mainly led by ENIAC and TIDAL, with further participation from Better Capital, Ahead VC, Karman Ventures, and Z21, along with multiple individual investors.
Refold AI, an innovative AI startup founded by Jugal Anchalia and Abhishek Kumar, is revolutionising enterprise software integration with its AI-backed autonomous agents. The company has recently secured $6.5 million in seed funding, co-led by Eniac Ventures and Tidal Ventures, to accelerate its growth and expand its technology offerings.
The funding round also saw participation from Better Capital, Ahead VC, Karman Ventures, Z21, and several individual backers. Nicholas Muy, Venture Partner at Tidal Ventures, believes Refold's AI agents eliminate the need for expensive consultants and manual work, making integrations free, fast, and invisible.
Simplifying Complex Integrations
Refold AI's autonomous agents learn how different software systems interact, write and maintain the integration code themselves, and adapt automatically to software changes. This eliminates the manual and outsourced work typically required for system integrations, saving companies an estimated $350 billion annually on manual integrations and consulting.
The company's platform currently supports use cases such as syncing Enterprise Resource Planning (ERP) systems with Customer Relationship Management (CRM) software, finance automation, and supply chain operations. Refold AI serves over 30 enterprise customers, supports more than 1,500 active users, and processes over 30 million API calls monthly.
Expansion Plans
With the fresh infusion of funds, Refold AI plans to accelerate the development of its AI-native infrastructure, expand its integration catalog with more workflows, and facilitate seamless, low-friction deployment to help enterprises modernize their AI stacks. The company also aims to grow its engineering and operational teams, currently concentrated in Bengaluru.
Refold AI plans to grow its team from 20 to 30 employees by the end of the year, with personnel split between San Mateo and Bengaluru. As enterprises modernize their AI infrastructure, Refold aims to position itself as the unseen logic layer that enables systems to work together without friction.
A Promising Future
Hadley Harris, Founding General Partner at Eniac Ventures, states that enterprise integrations are a compelling and valuable use case. Refold AI's vision is to replace the traditional "consultant economy" with scalable AI agents that make integrations free, fast, and invisible, ultimately revolutionising outsourced service work with autonomous technology.
The Refold AI team previously created JustDoc, which was later acquired by Reliance. With this new funding, Refold AI is poised to make a significant impact in the enterprise software integration market.
[1] Refold AI Press Release, https://www.refold.ai/press-release
[2] Eniac Ventures Press Release, https://www.eniac.com/portfolio/refold-ai
[3] Tidal Ventures Press Release, https://tidal.vc/refold-ai
[4] Better Capital Press Release, https://bettercapital.co/refold-ai
[5] Ahead VC Press Release, https://ahead.vc/refold-ai
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