Deeptech Startup Spyne Raises $7M in Latest Funding Round Led by Accel

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Deeptech startup Spyne raised $7 million in its latest funding round. Led by Accel, the funding round also saw participation from other investors, including Storm Ventures, Smile Group, Pentathlon Ventures, Core91, and prominent founders/CXOs of major internet companies.

The new capital will be invested in acquiring the right talent, strengthening global expansion, including the US market, and setting up a state-of-the-art computer vision lab for more R&D. deep in space. The brand also intends to broaden its technological horizons in the field of AR/VR to create products for Metaverse and Omniverse.

Founded in 2018 by Sanjay Kumar and Deepti Prasad, Spyne develops industry-first 100% automatic AI image processing products to help major e-commerce markets in automotive, fashion and retail to enhance the visual value of images without studio physics.

Sanjay Kumar, Co-Founder and CEO of Spyne, said, “Our vision is to enable the smallest sellers, located in the most remote corners, to create superior product images and videos, without the need for experts. They only need a smartphone to sell online and compete with big sellers. Over the past 12 months, we’ve launched multiple use cases in the automotive, food, e-commerce, and fashion industries, seeing phenomenal revenue growth. We would like to thank Accel, Storm Ventures and all of our investors for joining us on our journey and helping us accelerate this growth trajectory as we enter this next phase of the business journey.

At present, the brand currently serves more than 80 customers, including Amazon India, Flipkart, Karvi, OLACars, SellAnyCar, Udaan, etc. in more than 15 countries. The company also recently launched its self-service AI technology for the automotive industry – Spyne AI – Cars and will further replicate the model for e-commerce and the food industry in the coming months.

Pratik Agarwal, Principal at Accel, said, “We are thrilled to partner with Deepti and Sanjay to develop their vision for Spyne! E-commerce continues to penetrate all retail spending, but we believe that for future growth, enabling small merchants to easily and efficiently list their wares on e-commerce platforms is essential.

Arun Penmetsa, Partner at Storm Ventures, said, “A key part of an effective and scalable e-commerce strategy is using 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 large-scale images has been difficult, manual, and expensive. Spyne solves this problem with an innovative AI solution that moves the whole process to mobile and automatically and instantly converts natural images into high-quality professional images. Customers across many industries have seen 10+x efficiency improvements across thousands of images using Spyne.

Spyne has transformed the way businesses build their catalog using cutting-edge AI technology and helped them create stunning catalogs that drive 40% better conversions. With a dedicated team of over 100 employees comprising of technology experts, industry analysts and thought leaders, Spyne further plans to introduce new products and categories including food, e-commerce, fashion and real estate.

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