Investment Notes: Refold

Refold AI is an agentic integration platform that transforms enterprise connectivity from a services bottleneck into a seamless agent-driven superpower. It combines autonomous agents, memory-based orchestration (which retains and applies context over time), and secure edge deployment to take teams from integration request to live workflow in hours instead of months.

We’re proud to be leading Refold’s Seed round, backing experienced founders who are building the connective tissue for modern enterprise software. Refold replaces the manual work of systems integrators with embedded AI-native infrastructure. It empowers software vendors to ship enterprise-grade integrations in weeks rather than months, turning connectivity into a product advantage instead of a delivery cost.

Markets with tailwinds

Enterprise software is at an inflection point. AI is being embedded into every layer, but one major problem is holding back progress: integration. Every AI tool, legacy system, and data lake still needs to connect and communicate. Today, 80% of that work is done manually and holding back the real benefits of AI being deployed.

This is a $200 billion global challenge hiding in plain sight.

With the shift to agentic software, multi-cloud environments, and real-time orchestration, and automation, the right data has become essential. Refold is entering the market at the right time, when demand is high, legacy tools are failing, and enterprises are actively seeking a new solution.

Refold’s platform is purpose-built for complex environments, including hybrid and on-premise deployments. It solves the “last-mile” complexity that older iPaaS (Integration-platform-as-a-service) tools and consulting models cannot, making integration a feature rather than a burden.

Products that change the game

Refold doesn’t just automate steps. It makes decisions. At its core, Refold combines reasoning and reinforcement learning, enabling agents that learn and adapt over time.

The platform is built on three powerful layers:

• Workflow code agents: These write, test, and maintain custom integration logic
• MCP Chains: A natural language interface, based on the Model Context Protocol, that lets users describe workflows and launch them instantly
• Embedded integrations toolkit: Prebuilt UI components that let software vendors deliver native integrations to customers

This architecture supports teams from engineers to end users. Refold turns ad-hoc service requests into repeatable software in days. Unlike legacy systems that rely on rigid templates or billable consultants, Refold is built to eliminate complexity, not profit from it.

It enables rapid time-to-value, unlocks self-service opportunities, and codifies reusable workflows at scale. For customers like Incorta, Refold cut integration timelines by 90% and unlocked millions in revenue.

This is not a minor improvement. It is a complete rethinking of how enterprise systems connect.

Founders that hustle

Refold is led by Jugal Anchalia (CEO) and Abhishek Kumar (CTO), who previously built and exited JustDoc. They experienced the integration problem firsthand inside SAP-heavy enterprise environments, where a single schema change could result in days of downtime and six-figure escalation costs.

That experience has shaped a platform designed for speed, resilience, and developer control. The team has moved fast, developed deep product conviction, and already secured early enterprise traction. With 20 team members across San Mateo and Bangalore and growing, Refold is focused on expanding its integration catalogue and delivering zero-friction deployments.

A compelling business model

Refold has two distinct go-to-market motions:

1. Embedded deployments: Software vendors integrate Refold’s SDK, agents, and UI into their own products, delivering native connectivity to their users
2. Direct deployments: Enterprise IT and engineering teams use Refold internally to orchestrate workflows across complex internal systems

This dual model increases distribution and deepens usage. Each new integration, workflow, or module compounds the value. Some vendors are even launching new premium products powered by Refold’s platform.

Refold’s business model scales efficiently. It has low marginal costs and multiple monetisation levers, including usage-based pricing, hosting, services, and expansion tiers. It already delivers strong product currency through faster onboarding, cost savings, and increased revenue. In doing so, it is earning the right to become the integration partner of choice for some of the world’s most ambitious software platforms.

The Seed phase and beyond

This round will accelerate Refold’s growth. The company is scaling its engineering and GTM teams, expanding its library of connectors, and advancing its orchestration, memory, and reasoning capabilities. It is building the infrastructure needed to support and capture context for complex deployments across cloud, hybrid, and on-prem environments.

Over the next 18 months, the focus is on repeatability: turning strong early demand into scalable, defensible growth. Refold is not just streamlining enterprise integration. It is building the invisible logic layer that will power the next generation of software.

Global appeal

Integration is a universal problem. It slows innovation across every geography, industry, and infrastructure stack.

Refold’s platform is industry-agnostic, deployment-flexible, and designed for AI-first environments. It already has applications across analytics, fintech, business intelligence, and supply chain. Long-term, Refold’s ambition is to become the Model Context Protocol server that powers AI-native enterprise workflows.

This is not just a big market. It is foundational infrastructure for the future of software.

If you’re a visionary founder solving deep technical problems, we’d love to hear from you. Reach out via our website.