Team Startupcity

• Seed round co-led by Eniac Ventures and Tidal Ventures.
• AI agents replace traditional middleware and manual coding.
• Serving 30+ enterprise clients with 30M+ API calls monthly.

Refold AI, a enterprise AI firm that specializes in automating API integrations, has raised $6.5 million in a seed financing co-led by Eniac Ventures and Tidal Ventures.

The funds will be used by the company to scale its engineering team, improve product integrations, and service its increasing enterprise customer base, according to the company.

The company was started as an offshoot of the founders' previous startup, JustDoc, which was acquired by Netmeds in 2018. Established in 2023 by Jugal Anchalia and Abhishek Kumar, Refold AI aims to eliminate middleware and human coding through the use of AI agents that can learn system behavior, write and update integration code, and evolve with software changes in real time.

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With businesses collectively spending an estimated $350 billion every year on manual integrations and consulting, Refold AI is working to substantially reduce costs and complexity. Its platform is already simplifying workflows like ERP-to-CRM synchronization, financial automation, and supply chain operations.

Jugal Anchalia, CEO and co-founder said,

Enterprise systems are frequently heavily customized. Even if two companies leverage the same ERP, their data structures and configurations can be very different meaning each integration must be coded from scratch.

Headquartered in Bengaluru and San Mateo, the firm now has over 30 enterprise customers and over 1,500 active users, processing over 30 million API calls every month. In the future, Refold AI will increase its catalogue of integrations as well as frictionless deployment to assist enterprises in transforming their AI infrastructure.