Total amount raised
$23.7 Million
Latest funding date
2/1/2025
Location
Spyne has successfully raised funding over five rounds, with its latest being a Series A led by Vertex Ventures Southeast Asia & India. The company has attracted a total of 17 investors, including notable names like Accel and Alteria Capital.
Keep reading to explore the intricacies of Spyne's fundraising journey and the investors backing this innovative platform.
What Is Spyne?
Spyne is a Deep Tech startup based in Gurgaon, Haryana, India, specializing in AI-powered solutions for various industries, including automotive, metaverse, photo editing, and SaaS. The company helps businesses and marketplaces create and upgrade high-quality product images and videos at scale using AI technology.
Founded by a team of innovators, Spyne has grown to employ between 101 and 250 people. The company offers a range of products such as image cataloging solutions, virtual car tours, video walkarounds, and conversational AI agents, primarily targeting modern car dealerships and marketplaces.
How Much Funding Has Spyne Raised?
- Seed Round
- Amount Raised: INR 45,000,000
- Date: March 2020
- Lead Investors: AngelList India
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their AI-powered visual merchandising solutions.
- Series A Round
- Amount Raised: USD 7,000,000
- Date: April 2022
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance AI capabilities for automotive dealerships.
- Series A Round
- Amount Raised: USD 100,000
- Date: March 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing projects and minor operational expansions.
- Series A Round
- Amount Raised: USD 16,000,000
- Date: February 2025
- Lead Investors: Vertex Ventures Southeast Asia & India
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate U.S. expansion and innovate the GenAI-driven automotive retail suite.
Total Amount Raised: USD 23,100,000
Current Valuation: Not publicly disclosed
Key Investors
- Vertex Ventures Southeast Asia & India
- Details: Vertex Ventures is a global network of venture capital funds. They invest in high-growth technology companies across the world.
- Investment Focus Areas: Enterprise technology, consumer internet, healthcare
- Notable Investments: Grab, PatSnap, Waze
- Accel
- Details: Accel is a global venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth.
- Investment Focus Areas: Consumer, enterprise, healthcare technology
- Notable Investments: Facebook, Slack, Dropbox
- AngelList India
- Details: AngelList India is a platform that connects startups with investors. They focus on early-stage investments and have a strong presence in the Indian startup ecosystem.
- Investment Focus Areas: Technology, consumer, fintech
- Notable Investments: Not publicly disclosed
- Smile Group
- Details: Smile Group is an investment and holding company that focuses on building and investing in digital businesses. They have a significant presence in the Indian market.
- Investment Focus Areas: Digital businesses, e-commerce, technology
- Notable Investments: Not publicly disclosed
- Storm Ventures
- Details: Storm Ventures is a Silicon Valley-based venture capital firm focused on early-stage enterprise investments. They provide capital and strategic support to help startups scale.
- Investment Focus Areas: Enterprise technology, SaaS, cloud computing
- Notable Investments: Marketo, MobileIron, Talkdesk
What's Next for Spyne?
Spyne is poised for significant growth as it expands aggressively into the U.S. market, aiming to onboard over 20,000 dealer rooftops. This expansion is bolstered by the development of next-generation AI solutions, including a unified GenAI-powered automotive retail suite, which promises to revolutionize vehicle sourcing, pricing, and customer management.
Future fundraising opportunities are likely, with potential Series B and subsequent rounds to support this ambitious growth. The company’s focus on AI-driven innovations aligns with industry trends, attracting investor interest and positioning Spyne for continued success.
However, challenges such as competition from other AI solutions, scaling operations, and navigating international market dynamics could pose hurdles. Spyne’s ability to innovate and adapt will be crucial in overcoming these obstacles and achieving its growth targets.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Spyne and gather other critical business insights. Sign up for free to start transforming your sales strategy today.
