Refold AI raises $6.5 M Seed funding from Eniac Ventures and Tidal Ventures
Eniac Ventures and Tidal Ventures co-led a $6.5 million seed funding round for Refold AI, an enterprise AI startup that offers an AI-driven platform to automate API integrations.
According to a press release from Refold AI, the money raised will be utilized to support its growing enterprise clientele, expand the engineering staff, and improve product integrations.
The business was born out of the founders’ prior business, JustDoc, which was acquired by Netmeds in 2018.
Refold AI, which was co-founded in 2023 by Jugal Anchalia and Abhishek Kumar, seeks to replace manual coding and conventional middleware with AI agents that can write and maintain integration code, learn system behaviour, and adjust to software changes.
This Bengaluru and San Mateo-based startup aims to cut down on the $350 billion businesses spend on consulting and manual integrations every year. Currently, supply chain operations, finance automation, and ERP-to-CRM syncing are managed by its platform.
“Enterprise systems are often heavily customized. Even if two companies use the same ERP platform, their configurations and data structures can differ significantly. This means each integration must be built separately, even when the underlying ERP software is the same,” said Jugal Anchalia, CEO and co-founder of Refold AI.
With more than 1,500 active users and more than 30 enterprise clients, the company processes more than 30 million API calls every month. To help businesses modernize their AI stacks, it intends to expand its integration catalogue and transition to a smooth, low-friction deployment.
