Spyne Raises USD 16 Mn in Series A to Transform Automotive Retail with AI This new funding will enable Spyne to accelerate its growth, particularly focusing on expanding its footprint in the US and developing cutting-edge AI solutions to transform automotive retail.
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Spyne, an AI-driven visual merchandising platform tailored for the automotive industry, has raised USD 16 million in its Series A funding round, led by Vertex Ventures. The round also saw participation from existing investors, including Accel, Storm Ventures, and Alteria Capital.
This new funding will enable Spyne to accelerate its growth, particularly focusing on expanding its footprint in the US and developing cutting-edge AI solutions to transform automotive retail.
Founded in 2020 by Sanjay Varnwal and Deepti Prasad, Spyne initially catered to multiple industries, including automotive, food, eCommerce, and real estate. However, in 2023, the company made a strategic pivot to focus exclusively on automotive, launching India's first AI-powered visual merchandising platform.
Spyne's platform enables car dealerships to create professional, high-quality images, 360-degree spin videos, and automated marketing videos at a fraction of the traditional cost and speed, empowering independent dealers, large dealerships, and online marketplaces alike.
The investment will fuel Spyne's plans to enhance its platform further, develop its technology infrastructure, and expand into high-growth markets across EMEA and APAC. With 70% of its current business coming from the US and nearly 25% from Europe, Spyne is replicating its successful US market strategy to drive global expansion.
Sanjay Varnwal, Co-Founder and CEO, shared his vision: "This investment marks a pivotal moment for Spyne as we accelerate our U.S. expansion and push the boundaries of what AI can do for automotive retail. Our goal is to make vehicle showcasing smarter, faster, and more immersive for dealerships worldwide."
Spyne's rapid growth trajectory includes 5X growth in the past 15 months, with plans to triple its revenue by FY 2025-26. The company is also working on a GenAI-powered automotive retail solution to streamline vehicle sourcing, pricing, digitization, and customer management. This solution will further enhance its core visual merchandising capabilities, providing dealerships with an all-encompassing retail platform.
Vertex Ventures' General Partner, Piyush Kharbanda, expressed his excitement: "Spyne has proven its ability to solve a key pain point for auto dealerships by optimising vehicle merchandising and retail operations with AI. We're thrilled to lead their Series A round and support their journey as they scale to become a market leader."
Accel's Principal, Pratik Agarwal, also praised the company's resilience and execution, adding, "Spyne's capital-efficient approach and industry-leading product have positioned them to redefine global auto commerce."
With its expanding global presence and ambitious goals, Spyne is well-positioned to revolutionise the way cars are bought and sold online.
