Spyne Secures $16M to Revolutionize U.S. Auto Retail with AI-Powered Solutions

February 18, 2025
Spyne Secures $16M to Revolutionize U.S. Auto Retail with AI-Powered Solutions
  • 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.

Summary based on 1 source


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