Spyne, an AI-driven visual merchandising platform for the automotive industry, has raised $16 million in its Series A funding round, led by Vertex Ventures.
Existing investors, including Accel, Storm Ventures, and Alteria Capital, also participated.
Previously, in May 2020, the Gurugram-based startup raised a pre-Series A round through AngelList, with additional support from existing investor Smile Group, though the amount remained undisclosed.
The newly raised funds will be used to expand Spyne’s presence in the US market, enhance its technology infrastructure, and develop a GenAI-powered retail suite for automotive dealers.
Founded in 2020 by Sanjay Varnwal and Deepti Prasad, Spyne helps auto dealers present vehicles more effectively by automatically enhancing images, creating high-quality visuals, and detecting vehicle damage.
Over time, the company has expanded its AI-powered capabilities to include 360-degree car views, TikTok-style videos with voiceovers, and 3D car generation for showrooms and configurators.
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Spyne plans to grow its dealer network from 1,200 to over 3,000 within the next 12 months and aims to reach 20,000 dealers in the next three to four years.
Currently, 70% of its revenue comes from the US, followed by 25% from Europe.
The company is now expanding into high-growth regions across EMEA and APAC, leveraging its successful US go-to-market strategy.
Over the past 12 to 15 months, Spyne has achieved fivefold revenue growth and aims to triple its revenue by FY26.
In addition to visual merchandising, the company is developing a GenAI-powered retail suite to unify dealership software solutions, covering vehicle sourcing, pricing, digitization, and customer management.
