Funding News: AI Visual Merchandising Startup 'Spyne' secures $16 million in Series A

Startup: Spyne

Founders: Sanjay Varnwal and Deepti Prasad

About us: Bold Care is a India's no. 1 sexual health and wellness brand - trusted by more than 15 lakh Indian men & co-founded by Ranveer Singh. The company aims to tackle the taboos associated with a number of male health conditions.

Founded Year: 2020

Office: Gurgaon

Sector: Technology

Funding round: Series A

Investors: Vertex Ventures, Accel, Storm Ventures, and Alteria Capital

In its Series A round, Spyne, an AI-powered visual marketing platform for the automobile sector, has raised $16 million.

The new revenue will be utilized to build the GenAI-powered retail suite for car dealers, improve technical infrastructure, and increase its market share in the US.

Sanjay Varnwal and Deepti Prasad founded Spyne in 2020 to help car dealers better display their vehicles. Its technology automatically improves automobile images, identifying any damage and giving them a polished, high-quality appearance.

Over 1,200 dealers are currently served by the firm globally, with the US accounting for 70% of its revenue and Europe for approximately 25%.

Sanjay Varnwal, Co-Founder and CEO of Spyne expresses, “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 vision is to make digital vehicles showcasing smarter, faster, and more immersive for dealerships worldwide. We’re thrilled to have Vertex Ventures on board, alongside the unwavering support of our existing investors Accel and Storm, as we build a category-defining Retail AI platform for the industry.”

Piyush Kharbanda, General Partner at Vertex Ventures SEAI says, “At Vertex, we have had a longstanding thesis around specialized AI Applications solving vertical use cases. Spyne has proven this in solving a fundamental pain point for auto dealerships leveraging AI to optimize vehicle merchandising and retail operations at scale. We are excited to lead Spyne’s Series A and support their journey as they transform how cars are bought and sold online and scale to be a standout market leader in the space.”

Website: https://www.spyne.ai/