Delhi NCR-based Deeptech Startup: Spyne secured about $7 Mn Funding via Accel to Fuel Global Expansion
- ByStartupStory | April 13, 2022
Spyne, the Delhi NCR-based deeptech startup has been helping businesses and marketplaces create high quality product images and videos using AI, has raised about $7 Mn in its latest funding round.
With participation from other marquee investors including Storm Ventures, Core91, Smile Group, Pentathlon Ventures, and prominent founders/CXOs from leading internet companies, the round was led by Accel.
According to a statement, in acquiring talent, bolstering global expansion including the US market, and setting up a state-of-the-art computer vision lab for research and development, the capital raised would be used..
To expand its technological horizons into the field of AR/VR in order to build products for metaverse and omniverse has also been intended by the startup, it said.
Since its inception in 2018, Spyne has raised a total of $7.8 Mn funding, with this round. In Pre-Series A round led by AngelList, it has raised INR 4.5 Cr funding, with participation of existing investor Smile Group.
Spyne founded in 2018 by Sanjay Kumar and Deepti Prasad, develops 100% automatic, industry-first AI image processing products in order to help large ecommerce marketplaces in the automotive, fashion, and retail industry to enhance images without a physical studio.
Currently, Spyne is serving over 80 customers including Amazon India, Flipkart, Sell Any Car, Karvi, OLACars, among others, across more than 15 countries.
Businesses have been enabled by the artificial intelligence (AI) tech products in order to create 500X faster studio-finish images and help them scale operations in real-time, it claims.
So as to help small merchants create studio-quality e-commerce catalogs cheaply and quickly, Spyne is using the latest advancements in AI. Early adoption from discerning customers globally has already been found by Spyne’s products, said Pratik Agarwal, principal at Accel.
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