Spyne, an AI-powered visible merchandising platform for the automotive trade, has raised $16 million in a Series A funding spherical led by Vertex Ventures. The spherical additionally noticed participation from present buyers, together with Accel, Storm Ventures, and Alteria Capital, which doubled down on their investments in the start-up.
The corporate plans to deploy this funding specializing in aggressive expansion in the US and creating its next-generation AI options designed to remodel automotive retail.
Expansion plans
Spyne plans to increase its seller base from 1,500 to over 20,000 rooftops worldwide in the approaching years. The recent capital will allow the corporate to improve its AI-powered platform, broaden its know-how infrastructure, and increase into new worldwide markets, together with high-growth areas throughout EMEA and APAC.
Additional, Spyne is evolving past its core visible merchandising capabilities to construct a unified GenAI and LLM-powered Automotive Retail Suite. This complete answer will empower small and medium-sized sellers by addressing each side of their retail journey — from car sourcing and pricing to digitization, distribution, and AI-driven buyer administration, reworking how dealerships will function utilizing Agentic AI.
Sanjay Varnwal, Co-Founder and CEO of Spyne, expressed his imaginative and prescient for the corporate, “This funding marks a pivotal second for Spyne as we accelerate our U.S. expansion and push the boundaries of what AI can do for automotive retail. Our imaginative and prescient is to make digital automobiles showcasing smarter, quicker, and extra immersive for dealerships worldwide. We’re thrilled to have Vertex Ventures on board, alongside the unwavering help of our present buyers Accel and Storm, as we construct a category-defining Retail AI platform for the trade.”
To help this purpose, Spyne is establishing a devoted U.S. enterprise improvement staff, led by an skilled nation head, alongside a staff of account executives and buyer success professionals. This strategic transfer will additional construct the startup’s model presence in the nation and foster deeper connections with dealerships, OEMs, and marketplaces.
Piyush Kharbanda, Normal Companion at Vertex Ventures SEAI, commented, “At Vertex, we now have had a longstanding thesis round specialised AI Functions fixing vertical use circumstances. Spyne has confirmed this in fixing a basic ache level for auto dealerships leveraging AI to optimize car merchandising and retail operations at scale. We’re excited to lead Spyne’s Series A and help their journey as they remodel how automobiles are purchased and offered on-line and scale to be a standout market chief in the house.”
Over the previous 15 months, Spyne has skilled 5X development and is focusing on an formidable 3X income improve in FY 2025-26. The corporate continues to increase into new worldwide markets, together with high-growth areas in EMEA and APAC, replicating its profitable U.S. go-to-market technique to drive additional world adoption.
Pratik Agarwal, Principal at Accel, added, “Spyne’s choice to deal with vertical SaaS for auto has been a masterclass in execution—turning a transferring ship whereas persevering with to scale. The staff’s resilience in fixing GTM, mixed with their capital-efficient method, has introduced them shut to profitability.”
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