Refold AI: Revolutionising API Integrations with AI Technology
Refold AI, a pioneering enterprise AI startup, provides a platform driven by artificial intelligence to automate API integrations. The company successfully raised $6.5 million during a seed funding round, co-led by Eniac Ventures and Tidal Ventures. These funds will be utilised to expand the engineering team, enhance product integrations, and cater to its burgeoning enterprise clientele, as shared in a recent press release.
The startup emerged from the founders’ earlier initiative, JustDoc, which was acquired by Netmeds in 2018. Founded in 2023 by Jugal Anchalia and Abhishek Kumar, Refold AI aspires to replace traditional middleware and manual coding through AI agents that can learn system behaviours, write and maintain integration code, and adjust to software changes.
Addressing the $350 Billion Market in Manual Integrations
The Bengaluru and San Mateo-based startup aims to eliminate the estimated $350 billion spent annually by enterprises on manual integrations and consulting. Its platform efficiently manages workflows, including ERP-to-CRM syncing, finance automation, and supply chain operations.
Challenges with Customised Enterprise Systems
Jugal Anchalia, the CEO and co-founder of Refold AI, noted, “Enterprise systems are frequently highly customised. Even if two organisations use the same ERP platform, their configurations and data architectures can vary greatly. Consequently, each integration must be constructed independently, even when the underlying ERP software is identical.”
Current Impact and Future Goals
The company caters to over 30 enterprise customers and supports more than 1,500 active users, processing upwards of 30 million API calls each month. Refold AI is committed to enhancing its integration catalogue and progressing towards seamless, low-friction deployment to assist enterprises in modernising their AI infrastructure.