Spyne Secures $16M to Expand in U.S. Auto Retail

The hum of innovation echoes louder when backed by confidence and capital. For Spyne, India's pioneering AI-driven visual merchandising platform, the latest $16 million Series A funding round—led by Vertex Ventures—marks the beginning of an ambitious new chapter.

A Vision Fueled by Investment

The investment, with participation from existing backers Accel, Storm Ventures, and Alteria Capital, is more than just a financial boost. It is a testament to the disruptive potential of Spyne’s technology in transforming the automotive retail landscape. With an established presence in India and growing traction globally, Spyne is now setting its sights on expanding its dealership base from 1,500 to over 20,000 rooftops worldwide.

“This investment marks a pivotal moment for Spyne,” says Sanjay Varnwal, Co-Founder and CEO. “We are not just expanding our footprint; we are redefining the way vehicles are bought and sold using AI. With Vertex Ventures on board and the continued support of Accel and Storm, we’re building a category-defining Retail AI platform for the industry.”

Scaling Up: The Road to 20,000 Dealerships

Spyne’s primary focus is on scaling its U.S. presence, a market where digital automotive retail is booming. To achieve this, the company is launching a dedicated U.S. business development team, complete with a country head, account executives, and customer success professionals. The goal? Strengthen relationships with dealerships, OEMs, and marketplaces while positioning Spyne as the go-to AI-powered solution for auto retailers.

Vertex Ventures sees Spyne’s vision aligning perfectly with their investment thesis. “Spyne has identified a fundamental pain point in auto retail—vehicle merchandising—and has used AI to solve it at scale,” says Piyush Kharbanda, General Partner at Vertex Ventures SEAI. “Their ability to optimize retail operations and elevate the online car-buying experience positions them as a market leader.”

The Evolution: Introducing a Unified GenAI Automotive Retail Suite

With the fresh infusion of capital, Spyne is expanding beyond visual merchandising to introduce a groundbreaking GenAI-powered Automotive Retail Suite. This next-gen solution will empower small and mid-sized dealers to enhance every aspect of their retail journey—vehicle sourcing, pricing, digitization, distribution, and AI-driven customer management. By integrating Agentic AI into dealership operations, Spyne is set to revolutionize how cars are marketed and sold in the digital era.

A Resilient Path to Profitability

Spyne’s journey to this point has been a masterclass in resilience and strategic execution. Despite the competitive landscape, the company has seen 5X growth over the last 15 months and is targeting a further 3X revenue increase in FY 2025-26.

“Spyne’s vertical SaaS focus for auto has been an incredible case study in execution,” says Pratik Agarwal, Principal at Accel. “The team’s grit and capital-efficient approach have brought them close to profitability, and we firmly believe in their ability to lead the transformation of auto commerce globally.”

A Global Footprint: Expanding Beyond the U.S.

While the U.S. is a key market, Spyne isn’t stopping there. The company is actively eyeing high-growth regions in EMEA and APAC, replicating its successful go-to-market strategy to drive international adoption.

From its inception in 2020 as a multi-industry merchandising platform to its sharp pivot into automotive in 2023, Spyne has continually evolved. Today, it provides AI-driven solutions that empower dealerships with studio-quality visuals, automated marketing content, and an end-to-end AI-driven sales strategy—all at a fraction of the traditional cost.

With a robust technology stack, a clear vision, and strong investor backing, Spyne is well on its way to defining the future of automotive retail. As digital vehicle merchandising becomes the norm, the company’s AI-led solutions are set to play a critical role in reshaping how dealerships operate and thrive in an increasingly digital marketplace.

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