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.