Gurugram based deep-tech software-as-a-service (SaaS) firm, Spyne has raised $7 million in funding round from US venture capital firm Accel.
Existing investors Storm Ventures, Smile Group, Pentathlon Ventures, Core91, and prominent founders/CXOs from leading internet companies also participated in this round.
The startup plans to use the funds to acquire talent, drive global expansion, including the US market, and set up a state-of-the-art computer vision lab for in-depth R&D in space.
The startup also stated that it intends to expand its technological horizons into the area of AR/VR by creating products for the Metaverse and Omniverse.
Gurugram based Spyne was founded in 2018 by Sanjay Kumar and Deepti Prasad, It claims to have developed 100 percent automated, industry-first AI image processing products to help large ecommerce marketplaces in the automotive, fashion, and retail industries increase the visual value of images without a physical studio.
Their products enable businesses to create studio-finish images up to 500 times faster and help them scale operations in real-time.
“Our vision is to empower the smallest of sellers, situated in the farthest of corners, to create superior product images and videos, without the need of any experts. They only need a smartphone to sell online and compete with big sellers. In the last 12 months, we launched multiple use cases across automotive, food, ecommerce, and fashion verticals seeing phenomenal growth in revenues”, said, Sanjay Kumar, Co-founder, and CEO at Spyne.
Recently, the company also launched its self-serve AI technology – Spyne AI Cars for the automotive industry and will replicate the model for the ecommerce and food industry in the coming months.
The startup says that it currently serves over 80 customers in 15 countries including Amazon India, Flipkart, Karvi, OLACars, SellAnyCar, Udaan etc.
“Spyne is using the latest advancements in AI to help small merchants create studio-quality ecommerce catalogs cheaply and quickly. Spyne’s product has already found good early adoption from discerning customers globally and we can’t wait for them to reach each and every ecommerce merchant over the years! We were very impressed with the customer centricity of Sanjay and Deepti along with the persistence they’ve shown over the last couple of years to get Spyne off the ground”, said, Pratik Agarwal, Principal at Accel.
In August 2019, it had raised around Rs 4.5 crore in a funding round from Angellist, Smile Group, Manish Amin, chief operating officer of Yatra, and others.
“E-commerce is vital for any business that sells goods and services. A key component of an effective and scalable e-commerce strategy is to use high-quality visual images that represent the brand well and increase purchase intent while highlighting the value of the product. However, the process of creating and managing images at scale has been difficult, manual, and expensive”, said, Arun Penmetsa, Partner at Storm Ventures.
About Spyne :
One of the biggest pain points for any online seller is to showcase their products in the best possible manner to grab customer attention and increase conversions. Spyne is transforming the way businesses create their catalog using state-of-the-art AI technology. No studio. No photography skills. No complex processes. Just Spyne to create stunning catalogs that drive 40% better conversions.
They are building first-of-its-kind AI that would transform the way businesses will create high-impact catalogs without the need for a physical studio. They are building computer vision and AI technology to automate image processing workflows. This will help any business or marketplace shoot, edit, and publish product visuals at scale, at a fraction of the cost, and time. They are helping large e-commerce marketplaces in the automotive, food, fashion, real estate, and retail industry create and upgrade high-quality visual catalogs at scale.
Founded in 2018, Spyne is headquartered in Gurugram, India serving 80+ customers across 15+ countries including Amazon India, Karvi, OLACars, and The Luxury Closet Dubai. Spyne are backed by Accel Partners, Storm Ventures, and other marquee investors.
Weekly Startup Funding News Report For 25 October - 29 October 2024 (Latest Updates)
Weekly Funding Roundup - We compile a Weekly Startups Funding News Report summarizing all the startups that secured funding during the week. This report provides a consolidated list of newly funded ventures daywise.
Weekly Funding Roundup - We compile a weekly startups funding news report summarizing all the startups that secured funding during the week. This report provides a consolidated list of these newly funded ventures day-wise, offering a concise overview of the latest developments in the startup funding landscape. Get allIndian statups news at Viestoires.
Weekly Startups Funding News [25 October 2024 - 29 October 2024]
Althion Funding News - Althion has Secured Rs 3.6 crore in Pre-Series A Round Funding
Trisu Funding News - A pre-seed funding round, which was co-led by All In Capital, has secured an undisclosed quantity of investment for the vermeil jewelry brand Trisu.
GameEon Funding News - GameEon, a game development studio, has raised $1 million in its most recent funding round, which was co-led by SucSEED Indovation Fund, ICE VC, IAN, CD EQUIFINANCE, Nexus Global Opportunities Fund, Vivek Goel, Patni Family, Tal64.
Wundrsight Funding News - Wundrsight, a digital therapeutics startup, has secured $400K in its seed round, which was led by Inflection Point Ventures. Social Alpha, in conjunction with other angel investors, has also participated in the round.
Dharaksha Ecosolutions Funding News - Dharaksha Ecosolutions, a biotech-driven R&D start-up, has secured Rs 24.8 crore (approximately $2.95 million) in a Seed funding round sponsored by Avaana Capital.
Omnivore Funding News - Omnivore’s third fund, the Omnivore Agritech and Climate Sustainability Fund, received $5 million in investment from Proparco, a subsidiary of the Agence Française de Développement (AFD) Group.
Futwork Funding News - In its Series A round, which was led by the Michael & Susan Dell Foundation and included Artha Ventures, Simile Capital, and other investors, sales outreach platform Futwork has raised Rs 20.9 crore, about $2.5 million.
Centricity Funding News - In a seed round, Lightspeed and returning investors Burman Family Office and Shantanu Agarwal, among others, led the investment in wealth management startup Centricity, which raised $20 million at a valuation of $125 million.
11 September 2024 - Funding News
Zivy Funding News - Zivy, an AI tool that prioritizes workplace messages and duties, has secured $1.2 million in a pre-seed funding round co-led by Blume Ventures, Paradigm Shift Capital, iSeed, Everywhere Ventures, Indian Silicon Valley, and Marsshot Ventures.
Mitra Funding News - A strategic family office based in Dubai and Bestvantage Investments led the Pre-Series A fundraising round for D2C FMCG firm Mitra, which raised INR 11 Cr ($1.3 Mn).
InMobi Funding News - MARS Growth Capital, a joint venture between MUFG and Liquidity Group, has provided $100 million in debt financing to InMobi, a provider of mobile advertising network software.
Track3D Funding News - Track3D, an AI reality intelligence platform for the construction industry, announced that it had secured $4.3 million in seed funding. The funding was led by Endiya Partners, with participation from Shadow Ventures and Monta Vista Capital.
Flexiloans Funding News - In an equity funding round led by American not-for-profit fund Accion, US asset management firm Nuveen, and Nandan Nilekani-backed venture fund Fundamentum, Mumbai-based digital lending startup Flexiloans has secured Rs 290 crore (approximately $35 million).
10 September 2024 - Funding News
Crackle Technologies Funding News - Crackle Technologies, an adtech startup, has secured $1.7 million (approximately INR 14 crore) in a pre-seed funding round that was jointly headed by We Founder Circle and AC Ventures.
Nestasia Funding News - Nestasia, a lifestyle and home décor brand, secured $8.35 million in a new funding round from Susquehanna Asia VC, Stellaris Venture Partners, and angel investors.
Supersquad Funding News - Supersquad, a startup that specializes in creator monetization, has secured Rs 2.1 crore in a funding round that was spearheaded by WLDD. Nitin Rajput and Jivraj Singh Sachar, angel investors, also contributed to the round.
AppsForBharat Funding News - AppsForBharat, the parent company of the devotional app Sri Mandir, has secured $17.8 million in its Series B funding round, which was led by Fundamentum.
Arnya Real Estate Funding News - Arnya Realestates Fund Advisors, an alternative investment management firm, has successfully closed the first close of its Rs 1,000-crore maiden debt fund, raising Rs 375 crore.
9 September 2024 - Funding News
Transcell Biologics Funding News - Quantiphi and IAN Group, both of Boston, have invested an undisclosed sum in Transcell Biologics, a biotechnology company.
2 September 2024 Monday - Latest Funding News in India
Mintifi Funding News- Mintifi a B2B digital lending startup, is reportedly in discussions to secure $100 million in a new funding round.
Clean Electric Funding News - Clean Electric, an energy storage solutions startup, has secured Rs 48.5 crore (approximately $6 million) in funding from both new and existing investors.
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