AI Based Platform For Auto industry Spyne Secures USD 16 Mn

ENA Sectors 2025-02-18 14:14:38 New Delhi, Feb 18 (KNN) Spyne, an AI-powered visual merchandising platform for the automotive industry, has secured USD 16 million in Series A funding led by Vertex Ventures. Existing investors Accel, Storm Ventures, and Alteria Capital participated in the round, doubling down on their previous investments in the startup. The fresh capital will fuel Spyne's ambitious growth plans, with a particular focus on aggressive expansion in the US market and development of next-generation AI solutions designed to transform automotive retail operations. This investment marks a pivotal moment for Spyne as we accelerate our US expansion and push the boundaries of what AI can do for automotive retail, said Sanjay Varnwal, Co-Founder and Chief Executive Officer, Spyne. Our vision is to make digital vehicle showcasing smarter, faster, and more immersive for dealerships worldwide, he added. With an established presence in Indian and global markets, Spyne aims to expand its dealer network from 1,500 to over 20,000 rooftops worldwide in the coming years. The new funding will enable the company to enhance its AI-powered platform, strengthen its technology infrastructure, and expand into new international markets, including high-growth regions across Europe, the Middle East and Africa (EMEA) and Asia-Pacific (APAC). Spyne is evolving beyond its core visual merchandising capabilities to build a unified GenAI and large language model (LLM)-powered automotive retail suite. This comprehensive solution will empower small and medium-sized dealers by addressing every aspect of their retail journey—from vehicle sourcing and pricing to digitisation, distribution, and AI-driven customer management, ultimately transforming dealership operations through Agentic AI. To support these ambitious goals, Spyne is establishing a dedicated US business development team led by an experienced country head, alongside account executives and customer success professionals. This strategic initiative will strengthen the startup's brand presence in the country and build deeper connections with dealerships, original equipment manufacturers (OEMs), and marketplaces. Piyush Kharbanda, General Partner, Vertex Ventures SEAI, noted that Vertex has a longstanding thesis around specialised AI applications solving vertical use cases. Spyne has proven this in solving a fundamental pain point for auto dealerships, leveraging AI to optimise vehicle merchandising and retail operations at scale, Kharbanda said. Pratik Agarwal, Principal, Accel, highlighted the Spyne team's resilience in solving go-to-market challenges, combined with their capital-efficient approach, which has brought them close to profitability. Over the past 15 months, Spyne has experienced five-fold growth and is targeting a three-fold revenue increase in FY26. The company continues to expand into new international markets, replicating its successful US go-to-market strategy to drive further global adoption. (KNN Bureau) 41106 https://knnindia.co.in/news/newsdetails/sectors/ai-based-platform-for-auto-industry-spyne-secures-usd-16-mn 2025-02-18 14:14:38 knnindia.co.in AI Based Platform For Auto industry Spyne Secures USD 16 Mn