Spyne, a deep-tech Software-as-a-Service (SaaS) company, has secured $7 million in a round headed by US venture capital firm Accel, with existing investors Storm Ventures, Smile Group, Pentathlon Ventures, and Core91 also participating.
Spyne intends to utilise the funds to hire more people, expand globally, especially in the United States, and establish a computer vision lab for more in-depth research and development (R&D).
“We are looking to build a strong deep-tech computer vision team and for our new computer vision lab, we will be hiring from IITs and other institutions,” cofounder Sanjay Kumar told
Spyne also plans to branch out into the domains of augmented and virtual reality to develop goods for the metaverse and omniverse, according to the business.
Spyne was founded in 2018 by Kumar and Deepti Prasad to help e-commerce marketplaces in the automotive, fashion, and retail industries enhance and increase the visual worth of their photographs without having to hire a professional photographer.
Customers include Amazon India, Flipkart, Ola Cars, and Udaan, among others, in 15 countries, including around 80 in India.
“With the new investment, we will also be focusing on expanding in the US and European markets. In Southeast Asia and the Middle East, we have set up some partnerships and are working with them,” Kumar said.
The company is also further reaching into tier 2 and tier 3 cities.
“In tier 2 and tier 3 cities, there is a huge need for our product. And so far, our business has performed really well, and product adoption has happened at the maximum out there,” cofounder Deepti Prasad said.
The Gurugram-based 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.
The SaaS company has around 100 people including IT specialists, market analysts, and thought leaders, wants to launch new products and categories in the food, ecommerce, fashion, and real estate industries.
Spyne is expected to generate $1-$2 million in annualised income by FY2022, according to sources, and is in talks to seek another round of funding this year.
In August of this year, the startup raised Rs 4.5 crore in a round led by AngelList Venture, Smile Group, Manish Amin, Yatra’s chief operational officer, and other notable investors.
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