Spyne Computer Vision Secures $7 Million Funding, Led By Accel
The fresh fund will be invested in acquiring the right talent, bolstering global expansion including the US
Spyne, a 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. The fresh capital will be utilized in bolstering global expansion including the US, and setting up a state-of-the-art computer vision lab for deeper R&D in the space.
"Our vision is to empower the smallest of sellers 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, e-commerce, and fashion verticals seeing phenomenal growth in revenues. We would like to thank Accel, Storm Ventures, and all our investors for joining us in our journey," said Sanjay Kumar, co-founder and CEO, Spyne.
Founded in 2018 by Sanjay Kumar and Deepti Prasad, Spyne develops 100 per cent automatic AI image processing products to help large e-commerce marketplaces and retail businesses create high-quality product visuals at scale with AI. The company has also recently launched its self-serve AI technology for the automotive industry, Spyne AI – Cars.
"Spyne is using the latest advancements in AI to help small merchants create studio-quality e-commerce 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 e-commerce merchant over the years," said Pratik Agarwal, principal at Accel, commenting on investment.
Spyne 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 per cent better conversions. The brand is currently serving 80-plus customers including Amazon India, Flipkart, Karvi, OLACars, SellAnyCar, Udaan, etc., in at least 15 countries.
"The process of creating and managing images at scale has been difficult, manual, and expensive. Spyne solves this problem through an innovative AI solution that moves the entire process to mobile and converts natural images into high-quality professional ones automatically," said Arun Penmetsa, Partner at Storm Ventures.
Spyne has shown a commendable journey with a dedicated team of 100-plus employees including tech experts and industry analysts and the startup now plans to introduce new products and categories including food, e-commerce, fashion and real estate.