Spyne, an AI-driven visual merchandising platform for the automotive sector, has secured $16 million in its Series A funding round, with Vertex Ventures leading the investment.
The funding round also included contributions from existing investors such as Accel, Storm Ventures, and Alteria Capital.
Back in May 2020, the Gurugram-based startup raised its pre-Series A round from AngelList, with participation from existing investor Smile Group, for an undisclosed amount.
The new funding will be used to expand its presence in the US market, enhance technology infrastructure, and develop a GenAI-powered retail suite for automotive dealers.
Founded in 2020 by Sanjay Varnwal and Deepti Prasad, Spyne enables auto dealers to better showcase their cars. The platform’s technology automatically enhances car photos, making them appear high-quality and professional, while also detecting any damage.
In the last 15 months, Spyne reports a 5X growth and aims for a 3X revenue increase in FY26.
The startup currently serves more than 1,200 dealers globally, with 70% of its business originating from the US, followed by nearly 25% from Europe.
Spyne is continuing its expansion into new international markets, including high-growth regions in EMEA and APAC, by replicating its successful US go-to-market strategy to drive greater global adoption.
It is also working on a GenAI-powered automotive retail solution that encompasses vehicle sourcing, pricing, digitization, and customer management.
