spyne funding: Deep tech SaaS firm Spyne bags $7 million funding from Accel, others

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Bengaluru: Deep tech software-as-a-service (SaaS) company Spyne has raised $7 million in a funding round led by US venture capital firm Accel, with participation from existing investors including Storm Ventures, Smile Group, Pentathlon Ventures and Core91.

The firm plans to use the funds to acquire more talent, for global expansion including in the US, and to set up a computer vision lab for deeper research and development (R&D) in the space.

Spyne also intends to expand its horizons into the fields of augmented and virtual reality to build products for the metaverse and omniverse, the company said in a statement on Tuesday.

Founded in 2018 by Sanjay Kumar and Deepti Prasad, Spyne develops fully automatic, AI image processing products to help ecommerce marketplaces in the automotive, fashion, and retail industries to enhance and develop the visual value of their images without a physical studio.

It currently has customers in 15 countries, including around 80 in India, such as Amazon India, Flipkart, Karvi, Ola Cars, second-hand car selling platform Sell Any Car and Udaan.

The Gurgaon startup recently launched its self-serve AI technology for the automotive industry called ‘Spyne AI Cars’ and said it would replicate the model for the ecommerce and food industries in the coming months.

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“Our vision is to empower the smallest of sellers, situated in the farthest of corners… In the last 12 months, we launched multiple use cases across automotive, food, e-commerce, and fashion verticals seeing phenomenal growth in revenues,” said Sanjay Kumar, cofounder of Spyne.

The SaaS startup has around 100 employees, including tech experts, industry analysts, and thought leaders and plans to introduce new products and categories including food, ecommerce, fashion and real estate.

In August 2019, the company announced it had raised around Rs 4.5 crore in a funding round led by Angellist, Smile Group, Manish Amin, chief operating officer of Yatra, and other marquee investors.

Spyne is backed by Accel, Storm Ventures, Smile Group, Pentathlon Ventures, Core91, and prominent founders and CXOs from leading Internet companies.

“Ecommerce continues to penetrate all retail spending but we believe for further growth it’s essential to enable small merchants to easily and effectively list their merchandise on ecommerce platforms,” said Pratik Agarwal, principal at Accel.

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