Spyne is a company that uses AI to help car dealers create high-quality images and videos of vehicles. It recently raised $16 million to grow its business, especially in the U.S. Spyne started in 2020 and now works with 1,500 dealers, aiming to expand to 20,000 worldwide.
Its AI tools help dealers showcase cars better and sell them faster. With this funding, Spyne will improve its technology and reach more markets. The company believes AI can make car sales easier and more efficient, and it is building new tools to help small and medium-sized dealers succeed.
What is Spyne?
Spyne is an AI-powered visual merchandising platform that helps car dealerships create high-quality images, 360-degree spin videos, and automated marketing content for vehicle listings. Founded in 2020 by Sanjay Varnwal and Deepti Prasad, Spyne originally served multiple industries but later focused entirely on automotive retail.
The platform allows car dealers to showcase vehicles professionally without needing a physical studio, reducing costs and improving sales. Spyne’s AI-driven tools assist in vehicle sourcing, pricing, digitization, and customer management. With rapid growth and expansion plans in the U.S. and other global markets, Spyne aims to revolutionize automotive retail through AI-powered solutions.
Why is This Funding Significant?
This funding is important for Spyne as it will help the company grow and expand into new markets, especially in the U.S. With $16 million in Series A funding, Spyne aims to increase its dealer network from 1,500 to 20,000 worldwide. The investment will also allow the company to improve its AI-powered technology, making vehicle showcasing and sales more efficient.
Additionally, Spyne plans to strengthen its presence in the U.S. by building a dedicated business team. It will also expand into high-growth regions like EMEA and APAC. This funding positions Spyne as a key player in AI-driven automotive retail solutions.
How Will the Funds Be Used?
Spyne will use the funds to expand its business and improve its technology. A major focus will be on growing its dealer network from 1,500 to 20,000 worldwide. The company will also invest in developing advanced AI solutions, including a GenAI-powered Automotive Retail Suite to help small and medium-sized dealers.
Another key area of investment is Spyne’s expansion into the U.S. market, where it is setting up a dedicated business team. Additionally, the funds will support the company’s global growth in high-potential regions like EMEA and APAC, strengthening its technology infrastructure and enhancing its AI-driven vehicle merchandising platform.
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Key Takeaways
$16 Million Series A Funding – Led by Vertex Ventures, with participation from Accel, Storm Ventures, and Alteria Capital.
Expansion into the U.S. Market – Spyne is setting up a dedicated business team to strengthen its presence in the U.S.
Dealer Network Growth – Plans to increase from 1,500 to 20,000 dealerships worldwide.
AI-Powered Innovation – Developing GenAI and LLM-powered Automotive Retail Suite to help dealers with vehicle sourcing, pricing, and customer management.
Global Market Expansion – Expanding its reach in EMEA (Europe, Middle East, and Africa) and APAC (Asia-Pacific) regions.
Next-Gen Vehicle Merchandising is Here – See What Spyne is Building!
