Spyne raises $16M Series A to take its automotive AI to the US
What's the deal? Spyne, an Indian AI-powered visual merchandising platform for the automotive industry, has raised $16 million in a Series A round led by Vertex Ventures. Existing investors Accel, Storm Ventures, and Alteria CapitalDealroom has a profile for this one. Try Dealroom → also participated.
What's the endgame? Spyne is moving beyond visual merchandising to build a GenAI and LLM-powered Automotive Retail Suite. The tool aims to help small and medium dealers with everything from vehicle sourcing and pricing to distribution and AI-driven customer management.
The market move: The capital will fund an aggressive US push, with a dedicated business development team led by a country head. Spyne also plans to enter high-growth regions across EMEA and APAC, and to grow its dealer base from 1,500 to over 20,000 rooftops worldwide.
By the numbers: Spyne posted 5X growth in 2024-25 and is targeting a 3X revenue increase in FY 2025-26. Accel principal Pratik Agarwal said a "capital-efficient approach, has brought them close to profitability."
Why now? "This investment marks a pivotal moment for Spyne as we accelerate our U.S. expansion," said co-founder and chief executive officer Sanjay Varnwal. Founded in 2020, the company sharpened its focus entirely on automotive in 2023.
The signal: At $16 million, Spyne's round sits in the 91st percentile of all-time Series A deals for AI companies in India. It reflects investor appetite for vertical AI applications that target specific industry workflows rather than general-purpose tools.
Read more: StartupRise
Image credit: Spyne
