Deep tech startup Spyne has raised $7 million in their latest funding round led by Accel.
The funding round also witnessed participation from other marquee investors, including Storm Ventures, Smile Group, Pentathlon Ventures, Core91, and prominent founders/CXOs from leading Internet companies.
The company will invest the fresh capital in acquiring the right talent, bolstering global expansion, including the United States market, and setting up a state-of-the-art Computer Vision lab for deeper R&D in the space, it said.
The brand also intends to expand into the field of AR/VR to build products for Metaverse and Omniverse.
Founded in 2018 by Sanjay Kumar and Deepti Prasad, Spyne develops automatic, AI image processing products to help large e-commerce marketplaces in the automotive, fashion, and retail industry enhance the visual value of the images without a physical studio.
The company is currently serving over 80 customers including Amazon India, Flipkart, Karvi, OLACars, SellAnyCar, Udaan, etc. across 15+ countries. It had also recently launched its self-serve AI technology for the automotive industry – Spyne AI – Cars and would l further be replicating the model for the e-commerce and food industry in the upcoming months.
Sanjay Kumar, Co-founder, and CEO at Spyne, said, “Our vision is to empower the smallest of sellers, situated in the farthest of corners, to create superior product images and videos, without the need of any experts. They only need a smartphone to sell online and compete with big sellers. In the last 12 months, we launched multiple use cases across automotive, food, e-commerce, and fashion verticals seeing phenomenal growth in revenues. We would like to thank Accel, Storm Ventures, and all our investors for joining us in our journey and helping us make this growth trajectory steeper by entering this next phase of the business journey.”
Pratik Agarwal, Principal at Accel, said, “E-commerce continues to penetrate all retail spending but we believe for further growth it’s essential to enable small merchants to easily and effectively list their merchandise on e-commerce platforms. Spyne is using the latest advancements in AI to help small merchants create studio-quality e-commerce catalogs cheaply and quickly. Spyne’s product has already found good early adoption from discerning customers globally and we can’t wait for them to reach each and every e-commerce merchant over the years. We were very impressed with the customer-centricity of Sanjay and Deepti along with the persistence they’ve shown over the last couple of years to get Spyne off the ground.”
Arun Penmetsa, Partner at Storm Ventures, said, “E-commerce is vital for any business that sells goods and services. A key component of an effective and scalable e-commerce strategy is to use high-quality visual images that represent the brand well and increase purchase intent while highlighting the value of the product. However, the process of creating and managing images at scale has been difficult, manual, and expensive.
Spyne solves this problem through an innovative AI solution moving the entire process to mobile and converts natural images into high-quality professional ones automatically and instantly. Customers across many industries have seen more than a 10x improvement in efficiency across thousands of images using Spyne.”
The company has a team of over 100 employees, including tech experts, industry analysts, and thought leaders. It is further planning to introduce new products and categories, including Food, E-commerce, Fashion, and Real-estate.
April 12, 2022