tray.io

What tray.io does

Tray.ai (formerly Tray.io) is a San Francisco-based enterprise software company founded in 2012 that operates a cloud-based integration and automation platform serving approximately 4,000 customers. Its core offering, Intelligent iPaaS, connects 700+ enterprise applications and data sources to enable process automation, data integration, and API management, and is sold as a subscription SaaS product through an enterprise field-sales motion targeting large organizations with complex integration, AI agent, and MCP governance needs.

The platform has been repositioned around an AI orchestration stack comprising the Merlin Agent Builder for no-code autonomous and conversational AI agents, the Agent Gateway for managed MCP servers with enterprise governance (RBAC, audit trails, dynamic authentication), AI Governance modules, and the AI Development Platform that exposes both a visual low-code builder (Tray Build) and a code-first experience native to AI IDEs (Tray Headless for Claude Code and Codex). Tray.ai integrates with major foundation models (OpenAI, Anthropic, Cohere, DeepSeek, Mistral, Gemini, Grok) as connectors rather than training proprietary models, and holds SOC 2 Type II, HIPAA, and GDPR certifications to support enterprise procurement.

Tray.ai reported $70.9M ARR in 2024 (up from $64.5M in 2023) and has raised a total of $109.1M in disclosed funding across six rounds, with the most recent being a $40M Series C+ in September 2022 led by True Ventures, GGV Capital, Spark Capital, Meritech Capital Partners, and Stepstone Group. The company reached a $600M valuation in 2019 and underwent a significant restructuring that reduced headcount from 250 in 2023 to 159 by December 2024, coinciding with a strategic pivot toward AI agent orchestration, the 2025 acquisition of knowledge modeling firm Vanti, and a 2026 rebrand from Tray.io to Tray.ai.

Name

tray.io

Legal name

Tray.io, Inc.

Website

https://tray.io

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

101–250 employees

Short description

Tray.ai is a San Francisco-based enterprise SaaS company providing an AI-ready integration and automation platform with 700+ connectors, AI agent orchestration (Merlin Agent Builder), MCP governance (Agent Gateway), and iPaaS capabilities. It serves approximately 4,000 enterprise customers including Cisco, FedEx, and Capital One via a field sales motion.

Ownership category

akta.pro rank

Product category

Integration Platform as a Service (iPaaS)

NAICS

Software Publishers (5132), Computer Systems Design and Related Services (54151)

SIC

Services-Computer Integrated Systems Design (7373), Services-Prepackaged Software (7372)

akta.pro primary industry

iPaaS (Cloud Integration Platforms) (HDAEAIAB)

akta.pro secondary industries

AI Integration & Orchestration Platforms (Connectors, Workflow, iPaaS for AI) (HDAEANAI), End-to-End Enterprise AI Platforms (MLOps & Model Lifecycle Management) (HDAEANAA), Integration-Centric Low-Code (Workflow + iPaaS) (HDAEAKAC), Responsible AI, Security & Privacy Platforms (Safety, Guardrails, PII) (HDAEANAG), iPaaS & Workflow Automation (BPAMAOAB)

Keywords

• Integration platform as a service
• AI agent orchestration
• Enterprise workflow automation
• MCP gateway governance
• Low-code integration builder

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Operations

Revenue model

1. SaaS Platform Subscription: Cloud-based platform with subscription pricing model. Enterprise orchestration platform for data and AI with tiered plans. Includes AI agents, MCP governance, 700+ integrations, and workflow automation capabilities.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

Tray.ai sells a cloud-based enterprise integration and automation platform (iPaaS) that connects 700+ applications and data sources for process automation, API management, and AI agent orchestration. The offering centers on a unified platform-plus-modules architecture that combines Intelligent iPaaS, Merlin Agent Builder for AI agents, Agent Gateway for MCP governance, and AI Governance (RBAC, audit, compliance), sold as a SaaS subscription to enterprise customers.

Product overview

Tray.ai is an enterprise orchestration platform for data and AI, offering a unified platform-plus-modules architecture. The core products include: Merlin Agent Builder for building autonomous AI agents with no-code tools and guardrails; Agent Gateway for MCP providing managed Model Context Protocol governance with 700+ connectors as governed tools; Intelligent iPaaS for cross-application integration and process automation; AI Governance for enterprise RBAC, audit trails, and compliance; and AI Development platform offering both Tray Build (visual low-code canvas) and Tray Headless (code-first for AI IDEs). These modules work together to enable enterprises to build AI agents, govern MCP, integrate 700+ apps, and automate workflows on one consolidated platform.

Differentiator

Problem solved

Functional benefit

Brands

• Merlin Agent Builder: AI agent development platform enabling users to build AI agents that reason, act, and learn — conversational or autonomous. Features no-code builder, guardrails, and composable agent hub.
• Agent Gateway for MCP
• Tray Headless
• AI Governance

Products and services

• Intelligent iPaaS Cloud-based enterprise integration and automation platform connecting 700+ applications and data sources for process automation, data integration, and API management. Sold as a subscription to enterprise customers that need to orchestrate workflows across SaaS apps, databases, data warehouses, and AI services.
• Merlin Agent Builder No-code platform for building AI agents that reason, act, and learn, available as conversational or autonomous agents. Includes built-in guardrails and a composable agent hub for deploying and managing multiple agents. Targets enterprise teams that need to deploy AI agents with governance and oversight.
• Agent Gateway for MCP Managed Model Context Protocol (MCP) Gateway that exposes 700+ Tray.ai connectors as governed tools for AI agents, with audit and observability. Reduces MCP risk in enterprise environments and is sold to organizations deploying AI agents that need controlled access to enterprise systems.
• AI Governance Enterprise governance layer providing role-based access control (RBAC), audit trails, instrumentation, analytics, security, and compliance across every AI agent action, MCP tool call, and workflow run. Sold as part of the platform to regulated and large enterprise buyers.
• AI Development Platform Authoring layer of the Tray.ai platform that supports both visual low-code workflow building (Tray Build) and code-first development (Tray Headless) inside AI IDEs such as Claude Code and Codex. Enables non-technical builders and developers to create the same integrations and AI-powered workflows on a single platform.

Quantifiable outcome

• Customers ship 3× faster than with legacy iPaaS
• +7 more outcomes

Named customers9 records

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration132 records

AI capability8 records

Feature7 records

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Workato: Workato is the closest direct competitor to Tray.ai, offering an enterprise iPaaS platform with workflow automation, integration, and increasingly AI agent capabilities. Both compete for mid-market and enterprise integration budgets with comparable low-code/no-code positioning and ~700+ connector ecosystems.
• MuleSoft (Salesforce): MuleSoft is the legacy enterprise iPaaS leader, explicitly benchmarked by Tray in customer case studies (e.g., CrowdStrike reporting 10x faster delivery vs. MuleSoft). Tray positions itself as a faster, cheaper, more AI-native alternative to MuleSoft for integration and orchestration workloads.
• Boomi: Boomi is a long-standing enterprise iPaaS competitor, owned by Francisco Partners. Like Tray, Boomi offers integration, API management, and workflow automation targeting enterprise IT and integration teams, and is cited among Tray's competitive comparison content.
• Zapier: Zapier is a horizontal automation and integration platform with a massive connector library (6,000+) serving both SMB and increasingly mid-market customers. While historically focused on lighter workflows, Zapier competes with Tray in the broader integration/automation category, particularly for less-complex enterprise use cases.
• Make (formerly Integromat): Make is a visual automation platform competing directly with Tray's Tray Build offering, particularly for SMB and mid-market integration use cases. Both provide no-code/low-code workflow builders with broad connector support and visual canvas interfaces.

Broad incumbents

• Microsoft Power Automate: Microsoft Power Automate is the hyperscaler-bundled integration and automation platform, included with Microsoft 365 and Dynamics ecosystems. It is a broad incumbent that competes with Tray by offering integration capabilities as part of a much wider enterprise productivity and cloud portfolio.
• Salesforce Agentforce: Salesforce Agentforce is the hyperscaler's enterprise AI agent platform, bundling agent capabilities with Salesforce data and MuleSoft integration. Tray's Agent Gateway and Merlin Agent Builder position against Agentforce's end-to-end agent stack, particularly for enterprises not anchored to Salesforce.
• Workday Illuminate / Integration: Workday is an enterprise HCM/financials SaaS leader that has been pushing into AI agents and integration orchestration. As a Tray.ai customer (per integration list) and a platform increasingly bundling its own integration and agent capabilities, Workday represents both an ecosystem partner and a broad competitive threat.

Emerging players

• n8n: n8n is an open-source workflow automation platform gaining traction with technical and developer-led teams as an alternative to commercial iPaaS. It overlaps with Tray's Tray Headless / developer-oriented value proposition, especially for enterprises seeking AI-native automation with more control.
• Pipedream: Pipedream is a developer-focused integration and workflow platform competing with Tray in the code-first segment. It targets technical users building AI-driven workflows with pre-built actions across 2,000+ APIs, partially overlapping with Tray's Tray Headless and AI integration capabilities.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/tray
• LinkedInlinkedin.com/company/2659008

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds8 records

Investors18 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about tray.io