Spyne, a deep tech startup helping businesses and marketplaces create high-quality product images and videos at scale with artificial intelligence (AI), has raised $7 million in their 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.
Spyne plans to invest the fresh capital in acquiring the right talent, bolstering global expansion including the US market, and setting up a state-of-the-art computer vision lab for deeper research and development (R&D) in the space.
The brand also intends to expand its technological horizons into the field of augmented reality (AR) / virtual reality (VR) to build products for Metaverse and Omniverse.
Founded in 2018 by Sanjay Kumar and Deepti Prasad, Spyne develops fully automatic, industry-first AI image processing products to help large e-commerce marketplaces in the automotive, fashion, and retail industry enhance the visual value of the images without a physical studio.
“Our vision is to empower the smallest of sellers, situated in the farthest of corners, 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 and helping us make this growth trajectory steeper by entering this next phase of the business journey,” said Kumar on the announcement.
“We’re thrilled to partner up with Deepti and Sanjay in building out their vision for Spyne! E-commerce 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 e-commerce platforms. 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!,” added Pratik Agarwal, Principal at Accel.
At present, Spyne is serving over 80 customers including Amazon India, Flipkart, Karvi, OLACars, SellAnyCar, Udaan, etc. across more than 15 countries.
“E-commerce is vital for any business that sells goods and services. A key component of an effective and scalable e-commerce strategy is to use high-quality visual images that represent the brand well and increase purchase intent while highlighting the value of the product. However, 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 and instantly,” said Arun Penmetsa, Partner at Storm Ventures.
The company has also recently launched its self-serve AI technology for the automotive industry- Spyne AI – Cars and will further be replicating the model for the e-commerce and food industry in the upcoming months.