Spyne, a deep tech startup based in Gurugram, has successfully raised $16 million in a Series A funding round led by Vertex Ventures to fuel its expansion efforts in the U.S.

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

CEO Sanjay Varnwal announced that Spyne is transitioning from a visual merchandising platform to a comprehensive automotive retail solution powered by Generative AI (GenAI).

The new GenAI-powered solution aims to streamline the retail journey for dealerships, marking a significant step in Spyne's U.S. expansion strategy.

With this funding, Spyne plans to dramatically increase its dealer rooftops in the U.S. from 1,500 to over 20,000 in the coming years.

The capital raised will enable Spyne to establish a dedicated U.S. business development team and enhance its presence in high-growth regions across EMEA and APAC.

Spyne has demonstrated impressive growth, achieving $18.4 million in revenue, with a fivefold increase over the last 15 months and aspirations for an additional three to four times growth this year.

Piyush Kharbanda from Vertex Ventures emphasized that Spyne addresses critical challenges faced by auto dealerships by optimizing vehicle merchandising through AI.

The recent funding trends indicate that other deep tech startups, such as Dynolt Technologies and Astrome Technologies, are also attracting significant investments to support their growth.

This funding round occurs alongside the Indian government's launch of a Deep Tech Fund of Funds aimed at supporting innovative startups.