Gurugram-Based Spyne Secures $16 Million in Series A Funding to Expand U.S. Operations

Spyne, a deep tech startup based in Gurugram, has raised $16 million in a Series A funding round led by Vertex Ventures. Over the next few years, the company will expand from 1,500 to over 20,000 dealer rooftops in the U.S. Existing investors Accel, Storm Ventures, and Alteria Capital participated in this round.

In his LinkedIn post, co-founder and CEO Sanjay Varnwal highlighted the company’s evolution from a visual merchandising platform to a comprehensive automotive retail solution powered by GenAI. 

Spyne has demonstrated consistent performance with a substantial revenue figure of $18.4 million. “We’ve seen a 5X surge in revenue in the last 15 months, and we’re aiming for a 3-4X revenue leap this year,” Varnwal mentioned further.

This comes after the Indian government announced the Deep Tech Fund of Funds to catalyse the next generation of Indian startups.

The company plans to develop a GenAI-powered unified automotive retail solution that will streamline the retail journey for dealerships. Varnwal stated, “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.”

The new capital will enable Spyne to build a dedicated U.S. business development team and strengthen its presence in high-growth regions across EMEA and APAC, the company said. 

Piyush Kharbanda, general partner at Vertex Ventures, noted that Spyne addresses fundamental pain points for auto dealerships by leveraging AI to optimise vehicle merchandising.

In the past month, many deep tech startups have backed funding for their operations. Bengaluru-based Dynolt Technologies bagged $1.7 million in its seed funding round, led by Transition VC, with participation from marquee angel investor Yashowardhan Shah.

Additionally, Astrome Technologies secured $10 million in a funding round led by Apollo Fund, with additional investments from the IAN Group.