Refold Raises $6.5M to Automate Enterprise Software Integration with AI
A new $6.5 million funding round signals growing investor confidence in artificial intelligence solutions designed to streamline the notoriously complex adn costly process of integrating new software into existing enterprise systems.
Technology promises to liberate organizations, envisioning a future where seamless software additions drive efficiency and profitability. However, the reality often falls short. Each new software implementation presents a critically important integration challenge, requiring substantial effort to ensure compatibility and prevent disruptions.
Jugal Anchalia, co-founder of Refold, experienced this frustration firsthand. Following the acquisition of his previous startup, JustDoc, by Reliance, Anchalia found himself navigating a large enterprise grappling with technology integration issues. “We were spending more time managing chaos then building software,” he recalls.
This experience spurred the launch of Refold, which today announced the prosperous completion of its $6.5 million funding round. The company’s core proposition is an automated integration solution leveraging artificial intelligence (AI) to manage the complexities of adding new software to existing technology infrastructure. “Integrations are repeatable and cumbersome; thay should not need humans,” Anchalia asserts.
Refold’s solution employs a suite of AI agents designed to automate the integration process. These agents learn the interactions between new software and a company’s existing systems, then autonomously generate the necessary code for seamless integration. The goal is to facilitate interoperability between critical systems,such as new customer relationship management (CRM) tools and existing enterprise resource planning (ERP) systems,across departments like finance,procurement,sales,and marketing.
while acknowledging the limitations of current AI capabilities, Anchalia emphasizes that Refold isn’t aiming for complete automation. “No AI is perfect and we’re not at a stage where agents can write and maintain 100% of the code,” he explains.”But we can do most of the heavy lifting,replacing much of the manual work of integration,testing the connectivity,and then handing over to a human being to make some final checks and do any fine-tuning that’s required.”
The potential for time – and cost – savings is substantial. Clients can anticipate reducing integration timelines from two to three months to as little as a couple of weeks, according to Anchalia. Refold highlights successful implementations including automated reconciliation in finance, unified inventory and order systems for supply chains, and real-time data synchronization between ERP and CRM systems.
since its launch in 2023, Refold has secured approximately 30 enterprise customers, including data company Incorta and financial services firm Naehas. The company’s business model centers on selling its solution to software providers, enabling them to offer rapid integration as a value-added service to their clients.
Refold faces competition from both emerging technology-based solutions – with Gartner identifying companies like Zapier, Crosscut, and SnapLogic as key players – and established consultancy firms offering comprehensive software integration services.
Despite the competitive landscape, the market opportunity is significant. enterprises globally spend an estimated $350 billion annually on software integration, presenting ample room for growth. Refold’s investors believe the company is well-positioned to capitalize on this demand, notably with the new capital earmarked for product development and market expansion.
The $6.5 million round comprises $1.2 million in pre-seed funding and $5.3 million in seed funding, led by Eniac Ventures and Tidal Ventures, with participation from Better Capital, Ahead VC, Karman Ventures, Z21, and several angel investors.
“For decades, companies have burned billions on brittle, bloated workflows,” states Hadley Harris, Founding General Partner at Eniac Ventures. “As we enter the agentic era,enterprise integrations stand out as one of the most compelling and valuable use cases.”
Nick Muy, venture partner at Tidal Ventures, adds, “For decades, we’ve been patching integrations with expensive consultants and manual work. Refold’s AI agents don’t just patch the problem; they eliminate it – this is a fundamental leap forward.”
