Total amount raised
$23.7 Millions
Latest funding date
2/1/2025
Location
Spyne has successfully raised $16 million in a Series A funding round led by Vertex Ventures. The company specializes in AI-powered photography and editing solutions tailored for car dealerships and marketplaces.
Keep reading to explore the intricacies of Spyne's fundraising journey and the investors backing this innovative platform.
What Is Spyne?
Founded on February 28, 2020, Spyne is a Deep Tech startup based in Gurgaon, Haryana, India. The company was established by Deepti Prasad and Sanjay Varnwal.
Spyne specializes in AI-powered photography and editing solutions tailored for car dealerships and marketplaces. Their innovative technology helps businesses create and upgrade high-quality product images and videos at scale.
With a team of 101-250 employees, Spyne continues to grow and innovate in the field of automotive visual merchandising.
How Much Funding Has Spyne Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2019
- Lead Investors: Smile Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their AI-powered visual merchandising platform.
- Seed Round
- Amount Raised: ₹45M (approximately $600K)
- Date: March 2020
- Lead Investors: AngelList India
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their technology and expand their team.
- Series A Round
- Amount Raised: $7M
- Date: April 2022
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance their AI capabilities.
- Series A Round
- Amount Raised: $100K
- Date: March 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing projects and minor expansions.
- Series A Round
- Amount Raised: $16M
- Date: February 2025
- Lead Investors: Vertex Ventures Southeast Asia & India
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate expansion in the US and develop next-gen AI solutions.
Total Amount Raised: $23.7M
Current Valuation: Not publicly disclosed
Key Investors
- Vertex Ventures Southeast Asia & India
- Details: Vertex Ventures SEA & India is a venture capital firm that focuses on early-stage investments in Southeast Asia and India. They are part of the global Vertex Ventures network, which has a strong track record in supporting innovative startups.
- Investment Focus Areas: Technology, AI, Fintech, Healthcare, Consumer Internet
- Notable Investments: Grab, Patsnap, FirstCry
- Accel
- Details: Accel is a global venture capital firm that invests in early and growth-stage technology companies. They have a history of backing some of the most successful startups in the tech industry.
- Investment Focus Areas: Technology, SaaS, Consumer Internet, Fintech, Healthcare
- Notable Investments: Facebook, Dropbox, Slack, Spotify
- Storm Ventures
- Details: Storm Ventures is a venture capital firm that specializes in early-stage enterprise SaaS companies. They focus on helping startups scale and achieve market leadership.
- Investment Focus Areas: Enterprise SaaS, Cloud Computing, Cybersecurity
- Notable Investments: Marketo, MobileIron, Talkdesk
- Alteria Capital
- Details: Alteria Capital is a venture debt fund that provides financing solutions to high-growth startups in India. They offer flexible debt structures to support the growth and expansion of their portfolio companies.
- Investment Focus Areas: Venture Debt, Technology, Consumer, Healthcare
- Notable Investments: Dunzo, Lendingkart, Stanza Living
What's Next for Spyne?
Spyne's future looks promising as it aims to expand its presence in the U.S. market, targeting over 20,000 dealer rooftops. The company is also eyeing growth in high-potential regions like EMEA and APAC. With the increasing adoption of AI in automotive retail, Spyne's GenAI-driven solutions are well-positioned to meet the growing demand for high-quality visual merchandising.
To support this ambitious growth, Spyne is likely to pursue additional funding rounds. These funds will be crucial for scaling operations and enhancing their AI capabilities. However, the company will face challenges such as intense competition and the complexities of rapid international expansion. Ensuring continuous innovation and adapting to different market dynamics will be key to their success.
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