[Funding alert] Computer vision startup Spyne raises $7M in a round led by Accel
With this funding, the Gurugram-based deeptech startup plans to fuel its global expansion including the US market, and set up a state-of-the-art computer vision lab for deeper R&D.
Spyne, a Gurugram-based deeptech startup helping businesses and marketplaces create high-quality product images and videos at scale with AI, has raised $7 million in its 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.
According to the official statement, the fresh capital will be invested in acquiring talent, bolstering global expansion including the US market, and setting up a state-of-the-art computer vision lab for deeper R&D in the space. The brand also intends to expand its technological horizons into the field of AR / VR to build products for Metaverse and Omniverse, the statement added.
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, ecommerce, and fashion verticals seeing phenomenal growth in revenues.”
Founded in 2018 by Sanjay Kumar and Deepti Prasad, Spyne claims to develop 100 percent automatic, industry-first AI image processing products to help large ecommerce marketplaces in the automotive, fashion, and retail industry enhance the visual value of the images without a physical studio. The AI tech products enable businesses to create 500x faster studio-finish images and help them scale operations in real-time.
The brand says it currently serves more than 80 customers including Amazon India, Flipkart, Karvi, OLACars, SellAnyCar, Udaan, etc across 15 countries. The company has also recently launched its self-serve AI technology for the automotive industry – Spyne AI Cars – and will further be replicating the model for the ecommerce and food industry in the upcoming months.
“Spyne is using the latest advancements in AI to help small merchants create studio-quality ecommerce 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 ecommerce 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,” added Pratik Agarwal, Principal at Accel.
Spyne says it has been transforming the way businesses create their catalog using state-of-the-art AI technology and helping them create stunning catalogs that drive 40 percent better conversions. With a dedicated team of 100 employees including tech experts, industry analysts, and thought leaders, Spyne further plans to introduce new products and categories including food, ecommerce, fashion, and real estate.
Edited by Affirunisa Kankudti