Funding Alert

Spyne Raises $16 Million, Eyes Global Expansion.

• ByStartupStory     |    February 18, 2025

Spyne, an AI-driven visual merchandising platform for the automotive industry, has secured $16 million in a Series A funding round led by Vertex Ventures. Existing investors, including Accel, Storm Ventures, and Alteria Capital, also participated, reinforcing their confidence in the company’s vision and growth potential.

The fresh capital will accelerate Spyne’s expansion into the U.S. market and fuel the development of its next-generation AI solutions, designed to transform how vehicles are showcased and sold online.

Spyne addresses a critical challenge in the automotive retail sector—helping dealerships and marketplaces present their inventory more compellingly and efficiently. Traditionally, auto retailers rely on expensive and time-consuming professional photoshoots to display vehicles online. Spyne’s AI-powered platform eliminates this need by allowing dealerships to create high-quality, studio-grade images and videos using just a smartphone.

Currently serving over 1,500 dealerships, Spyne has set ambitious goals to increase its dealer base to more than 20,000 rooftops globally. The company will focus on expanding in the U.S., Europe, the Middle East, Africa (EMEA), and the Asia-Pacific (APAC) region.

To strengthen its presence in the U.S., Spyne is building a dedicated business development team, including a country head, account executives, and customer success professionals. This move aims to establish deeper partnerships with dealerships, OEMs, and online marketplaces in one of the world’s largest automotive markets.

Spyne isn’t stopping at vehicle photography. The company is evolving its platform into a full-fledged AI-powered automotive retail suite, incorporating Generative AI (GenAI) and Large Language Models (LLMs) to streamline dealership operations.

This new system will help small and mid-sized dealers manage everything from vehicle sourcing and pricing to digital inventory distribution and AI-driven customer engagement. The goal is to create a seamless, automated workflow that improves efficiency and boosts sales while reducing operational costs.

Sanjay Varnwal, Co-founder and CEO of Spyne, said, “This funding marks a turning point for Spyne as we expand into the U.S. and push the boundaries of AI in automotive retail. We want to make digital vehicle showcasing smarter, faster, and more immersive, ensuring every dealership- big or small- has access to cutting-edge tools that enhance their online presence.”

Spyne has experienced a 5X revenue surge over the past 15 months and is now aiming for a 3X revenue increase in FY 2025-26. The company’s successful U.S. go-to-market strategy is being replicated in other international markets to drive further adoption.

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