Spyne raises $16 Mn in Series A round led by Vertex Ventures

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

The round also saw participation from existing investors, including Accel, Storm Ventures, and Alteria Capital.

Earlier in May last 2020, the Gurugram-based startup had raised its pre-Series A round from AngelList along with the participation of existing investor Smile Group for an undisclosed amount.

The fresh proceeds will be used for expanding its presence in the US market, boosting technology infrastructure and developing the GenAI-powered retail suite for automotive dealers.

Founded in 2020 by Sanjay Varnwal and Deepti Prasad, Spyne helps auto dealers showcase their cars better. Its technology automatically enhances car photos, making them look high-quality and professional while also detecting any damage.

Over the past 15 months, Spyne claims to have experienced 5X growth and is targeting a 3X revenue increase in FY26. 

The startup currently serves over 1,200 dealers worldwide, with 70% of its business coming from the US, followed by Europe at nearly 25%.

Spyne continues to expand into new international markets, including high-growth regions in EMEA and APAC, replicating its US go-to-market strategy to drive further global adoption.

It is also developing a GenAI-powered automotive retail solution, covering vehicle sourcing, pricing, digitisation, and customer management.