Spyne Raises $16 Million In Series A Funding Round led by Vertex Ventures

Spyne, an AI-powered visual merchandising platform for the automotive industry, has secured $16 million in a Series A funding round led by Vertex Ventures. 

The funding round also included continued support from existing investors like Accel, Storm Ventures and Alteria Capital, who increased their investments in the startup.

Funding Utilisation

The company plans to use this funding to expand rapidly in the US and develop advanced AI solutions to revolutionize automotive retail.

The company will invest more in research and development (R&D), focusing on 3D visualization tools, showroom configurators and AR/VR solutions.

For its US expansion, the company is forming a dedicated business development team, including a country head, account executives and customer success professionals.

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Sanjay Varnwal, Co-Founder and CEO of Spyne, “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, said, “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.”

“Spyne’s decision to focus on vertical SaaS for auto has been a masterclass in execution—turning a moving ship while continuing to scale. The team’s resilience in solving GTM, combined with their capital-efficient approach, has brought them close to profitability.”Pratik Agarwal, Principal at Accel, said.

About Spyne

Founded in 2020 by Varnwal and Deepti Prasad, the Gurugram-based Spyne specializes in AI-driven visual merchandising, helping car dealerships create professional images, 360-degree spin videos, and automated marketing content for online vehicle listings.

It’s also working on a GenAI-powered solution for automotive retail, covering vehicle sourcing, pricing, digitization and customer management.

Spyne currently serves over 1,200 dealers globally, with 70% of its business coming from the US, followed by Europe at nearly 25%.
Originally, Spyne offered merchandising solutions across various industries, including automotive, food, ecommerce, and real estate. But in 2023, it shifted its focus entirely to the automotive sector.

In the past 15 months, the company claims to have grown five times and aims to triple its revenue by FY26.

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