Spyne, an AI-powered visual merchandising platform for the automotive industry, has raised USD 16 million in a Series A funding round led by Vertex Ventures.
The round also witnessed participation from existing investors, including Accel, Storm Ventures, and Alteria Capital, which doubled down on their investments in the startup.
This investment will fuel Spyne’s growth trajectory, focusing on aggressive expansion in the U.S. and developing its next-generation AI solutions designed to transform automotive retail.
The fresh capital will enable the company to enhance its AI-powered platform, broaden its technology infrastructure, and expand into new international markets, including high-growth regions across EMEA and APAC.
Further, Spyne is evolving beyond its core visual merchandising capabilities to build a unified GenAI and LLM-powered Automotive Retail Suite.
Sanjay Varnwal, Co-Founder and CEO of Spyne, expressed his vision for the company, “This investment marks a pivotal moment for Spyne as we accelerate our U.S. expansion and push the boundaries of what AI can do for automotive retail. Our vision is to make digital vehicles showcasing smarter, faster, and more immersive for dealerships worldwide. We’re thrilled to have Vertex Ventures on board, alongside the unwavering support of our existing investors Accel and Storm, as we build a category-defining Retail AI platform for the industry.”
Piyush Kharbanda, General Partner at Vertex Ventures SEAI, commented, “At Vertex, we have had a longstanding thesis around specialized AI Applications solving vertical use cases. Spyne has proven this in solving a fundamental pain point for auto dealerships leveraging AI to optimize vehicle merchandising and retail operations at scale. We are excited to lead Spyne’s Series A and support their journey as they transform how cars are bought and sold online and scale to be a standout market leader in the space.”
Over the past 15 months, Spyne has experienced 5 times growth and is targeting an ambitious 3 times revenue increase in FY 2025-26. The company continues to expand into new international markets, including high-growth regions in EMEA and APAC, replicating its U.S. go-to-market strategy to drive further global adoption.
