Spyne Secures $16 Million for US Market Expansion

Spyne, an AI-powered visual merchandising platform for the automotive industry, has raised $16 million in Series A funding led by Vertex Ventures, with participation from Accel, Storm Ventures, and Alteria Capital. The funding will support Spyne's aggressive expansion into the U.S. market, where it aims to grow its dealer network from 1,500 to over 20,000 locations worldwide. The company is also developing an advanced GenAI and LLM-powered Automotive Retail Suite designed to enhance various dealership operations, including vehicle sourcing and customer management. Co-Founder and CEO Sanjay Varnwal emphasized the investment as a pivotal moment for accelerating U.S. expansion and innovating automotive retail. Spyne's focus on vertical SaaS has shown strong growth, with a reported 5X increase in business over the last 15 months. The platform aims to cater to both small and medium-sized dealers by transforming their retail journey through AI-driven solutions.