Deep tech startup Spyne has raised USD 7 million in its latest funding round led by Accel. The Gurugram-based company helps businesses and marketplaces create high-quality product images and videos at scale with AI.
The funding round also witnessed participation from marquee investors including Storm Ventures, Smile Group, Pentathlon Ventures, Core91, and prominent founders/CXOs from leading internet companies.
“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,” said Sanjay Kumar, co-founder, and CEO at Spyne.
The fresh capital will go into talent acquisition, global expansion including the US market, and setting up a state-of-the-art computer vision lab for R&D. Spyne also plans to diversify into AR/VR to build products for metaverse and omniverse.
“Spyne is using the latest advancements in AI to help small merchants create studio-quality e-commerce catalogues cheaply and quickly. Our product has already found good early adoption from discerning customers globally,” said Pratik Agarwal, Principal at Accel.