Indian computer vision startup Spyne raises $7 mn

Spyne a deep tech start-up helping businesses and marketplaces create high-quality product images and videos at scale with AI has raised $7 million in their latest funding round. Led by Accel, the funding round also saw the 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 invested in acquiring the right talent, bolstering global expansion, including in the US market, and setting up a state-of-the-art computer vision lab for deeper R&D in the space. The brand also intends to expand its technological horizons into the field of AR / VR to build products for metaverse and omniverse.

Founded in 2018 by Sanjay Kumar and Deepti Prasad, Spyne develops 100 per cent 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.

At present, the brand is currently serving over 80 customers including Amazon India, Flipkart, Karvi, OLACars, SellAnyCar, Udaan, etc., spread across 15 countries. The company has also recently launched its self-serve AI technology for the automotive industry and will further be replicating the model for the e-commerce and food industry in the upcoming months.

“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,” Sanjay Kumar, co-founder and CEO at Spyne, said.

Pratik Agarwal, Principal at Accel, said that 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,” he added. BusinessToday