Spyne, an AI-powered visual merchandising platform for the automotive industry, has raised $16 million in Series A funding led by Vertex Ventures, with participation from existing investors Accel, Storm Ventures, and Alteria Capital.
The investment will support Spyne's expansion into the U.S. market and development of advanced AI solutions for automotive retail. The company plans to grow its dealer network from 1,500 to 20,000 worldwide and enhance its technology infrastructure across EMEA and APAC regions.
Spyne is developing a GenAI and LLM-powered Automotive Retail Suite aimed at small and medium-sized dealers. The platform will offer comprehensive solutions for vehicle sourcing, pricing, digitization, distribution, and customer management using Agentic AI.
"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," said Sanjay Varnwal, Co-Founder and CEO of Spyne.
To strengthen its U.S. presence, the company is establishing a dedicated business development team led by a country head, supported by account executives and customer success professionals.
Piyush Kharbanda, General Partner at Vertex Ventures SEAI, said, "Spyne has proven this in solving a fundamental pain point for auto dealerships leveraging AI to optimize vehicle merchandising and retail operations at scale."
Pratik Agarwal, Principal at Accel, noted that Spyne's focus on vertical SaaS for auto has demonstrated strong execution while maintaining capital efficiency.
Founded in India, Spyne has reported 5X growth over the past 15 months and targets a 3X revenue increase in FY 2025-26. The automotive digital merchandising sector has seen increased investment as dealerships worldwide transition to online sales platforms, accelerated by changing consumer preferences for digital car buying experiences.
The company competes in a growing market of automotive retail technology providers that aim to streamline operations for dealerships through artificial intelligence and digital solutions.