Spyne, a Gurugram-based deeptech startup specializing within the automotive sector, introduced on Tuesday that it has raised $16 million in a Collection A funding spherical led by Vertex Ventures. Current traders, together with Accel, Storm Ventures, and Alteria Capital, additionally participated within the funding.
The SaaS-based firm plans to make the most of the brand new capital for market growth and product growth. Beforehand, in April 2022, Spyne had secured $7 million in a pre-Collection A spherical.
Based in 2020 by Sanjay Varnwal and Deepti Prasad, Spyne initially offered pc vision-based know-how options for sectors similar to e-commerce, meals supply, and automotive. Nonetheless, it later streamlined its focus completely to the automotive trade.
Sanjay Varnwal, Co-founder and CEO of Spyne, mentioned, “We determined to deal with one class and go very deep into it. Automotive is a sector that presents us with a big market alternative.”
The startup is now seeking to broaden its presence by catering to automotive unique gear producers (OEMs). Based on CEO Varnwal, this strategic shift has considerably boosted progress, with income growing practically fivefold over the previous 15 months. Spyne anticipates a threefold income enhance in FY25-26.
Presently, over 60% of Spyne’s income comes from the US, adopted by Europe. The contemporary funding will even assist its growth technique within the US, together with establishing an on-ground presence.
Spyne serves small and medium-sized vendor networks throughout the US and Europe, providing a complicated know-how stack that allows companies to digitize operations with AI and GenAI capabilities.
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