Spyne, an AI-powered visual merchandising platform for the automotive industry, has raised $16 million in a Series A funding round led by Vertex Ventures. The round also saw participation from existing investors, including Accel, Storm Ventures, and Alteria Capital, which doubled down on their investments in the start-up.
The company plans to deploy this investment focusing on aggressive expansion in the US and developing its next-generation AI solutions designed to transform automotive retail.
Expansion plans
Spyne plans to expand its dealer base from 1,500 to over 20,000 rooftops worldwide in the coming years. The fresh capital will enable the company to enhance its AI-powered platform, broaden its technology infrastructure, and expand into new international markets, including high-growth regions across EMEA and APAC.
Further, Spyne is evolving beyond its core visual merchandising capabilities to build a unified GenAI and LLM-powered Automotive Retail Suite. This comprehensive solution will empower small and medium-sized dealers by addressing every aspect of their retail journey — from vehicle sourcing and pricing to digitization, distribution, and AI-driven customer management, transforming how dealerships will operate using Agentic AI.
Sanjay Varnwal, Co-Founder and CEO of Spyne, expressed his vision for the company, “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. Our vision is to make digital vehicles showcasing smarter, faster, and more immersive for dealerships worldwide. We’re thrilled to have Vertex Ventures on board, alongside the unwavering support of our existing investors Accel and Storm, as we build a category-defining Retail AI platform for the industry.”
To support this goal, Spyne is establishing a dedicated U.S. business development team, led by an experienced country head, alongside a team of account executives and customer success professionals. This strategic move will further build the startup’s brand presence in the country and foster deeper connections with dealerships, OEMs, and marketplaces.
Piyush Kharbanda, General Partner at Vertex Ventures SEAI, commented, “At Vertex, we have had a longstanding thesis around specialized AI Applications solving vertical use cases. Spyne has proven this in solving a fundamental pain point for auto dealerships leveraging AI to optimize vehicle merchandising and retail operations at scale. We are excited to lead Spyne’s Series A and support their journey as they transform how cars are bought and sold online and scale to be a standout market leader in the space.”
Over the past 15 months, Spyne has experienced 5X growth and is targeting an ambitious 3X revenue increase in FY 2025-26. The company continues to expand into new international markets, including high-growth regions in EMEA and APAC, replicating its successful U.S. go-to-market strategy to drive further global adoption.
Pratik Agarwal, Principal at Accel, added, “Spyne’s decision to focus on vertical SaaS for auto has been a masterclass in execution—turning a moving ship while continuing to scale. The team’s resilience in solving GTM, combined with their capital-efficient approach, has brought them close to profitability.”
