Gurugram-based deep tech and computer vision startup Spyne, has secured $7 Mn in series A funding. The investors were led by VC group Accel. Other investors include Storm Ventures, Smile Group, Pentathlon Ventures, Core91, among a few others.
Founded in 2018 by Sanjay Kumar and Deepti Prasad, Spyne is a computer vision startup, aiming to help businesses set-up high quality, AI-generated product images and videos, without the requirement of an at-scale studio. This helps e-commerce platforms in the automotive, retail and fashion industries create impressive visual catalogues. Spyne creates 100% automatic AI-based product images, enabling businesses create studio finish product images 500× faster.
Product marketing has become a science in itself, specially with the rapid onset of ecommerce across India’s smaller Tier I/II towns. But it becomes difficult for small and medium sized business owners to get access to professional photography and marketing collaterals for their products.
Take for example a small town boutique, making hand embroidered clothing, no matter how vibrant and intricate the product is, If the website doesn’t have impressive and interactive pictures of the product, it will most likely not reach full potential. This is where Spyne steps in. A small business owner wouldn’t have to rent an expensive studio and hire expensive photographers, as Spyne provides 100% AI-Generated images of the product. This allows entrepreneurs of all scales, small or large, to compete on a somewhat level playing field.
The company boasts a strong clientele of around 80 across 15+ countries, including prominent names like Amazon India, Flipkart, Karvi, OLACars, SellAnyCar, Udaan, etc. The company has also recently launched its self-serve AI technology for the automotive industry- Spyne AI – Cars. The company aims to further replicate the model for the e-commerce and food industry in the upcoming months.
With the freshly acquired capital, the company plans to acquiere the right talent, bolster global expansion including the US market, and set up a state-of-the-art Computer Vision lab for deeper R&D in the space. The brand also plans to extend their reach into the field of AR / VR to build products for Metaverse and Omniverse.
Speaking on the announcement, Sanjay Kumar (Co-founder and CEO) said, “ 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.”
Spyne has reportedly generated a ball-park revenue of $1 Mn – $2 Mn during financial year 2022.