Spyne, an AI-driven visual merchandising platform catering to the automotive industry, has secured $16 million in its Series A funding round led by Vertex Ventures. Existing investors Accel, Storm Ventures, and Alteria Capital also participated in the round.
The Gurugram-based startup previously raised an undisclosed amount in its pre-Series A round in May 2020, backed by AngelList and Smile Group.
With this fresh capital, Spyne aims to expand its footprint in the US, enhance its technology infrastructure, and develop its GenAI-powered retail suite for automotive dealerships.
Transforming Auto Retail with AI
Founded in 2020 by Sanjay Varnwal and Deepti Prasad, Spyne enables auto dealers to present their vehicles more effectively. Its AI technology automatically enhances car images, ensuring high-quality, professional visuals while also detecting any visible damage.
In the past 15 months, the company has reported a 5X growth and is now targeting a 3X revenue surge by FY26. Currently, Spyne serves over 1,200 dealers globally, with the US contributing 70% of its business and Europe accounting for nearly 25%.
Global Expansion & Next-Gen AI Solutions
Spyne is actively expanding into new international markets, including high-growth regions in EMEA and APAC, by replicating its successful US market strategy. Additionally, the company is developing a comprehensive GenAI-powered automotive retail solution, covering vehicle sourcing, pricing, digitization, and customer management, to further streamline operations for dealerships worldwide.
With its latest funding, Spyne is poised to accelerate global adoption and revolutionize automotive retail with cutting-edge AI-driven solutions.
