Spyne, a Gurugram-based deeptech startup specializing in the automotive sector, announced on Tuesday that it has raised $16 million in a Series A funding round led by Vertex Ventures. Existing investors, including Accel, Storm Ventures, and Alteria Capital, also participated in the funding.

The SaaS-based company plans to utilize the new capital for market expansion and product development. Previously, in April 2022, Spyne had secured $7 million in a pre-Series A round.

Founded in 2020 by Sanjay Varnwal and Deepti Prasad, Spyne initially provided computer vision-based technology solutions for sectors such as e-commerce, food delivery, and automotive. However, it later streamlined its focus exclusively to the automotive industry.

Sanjay Varnwal, Co-founder and CEO of Spyne, said, “We decided to focus on one category and go very deep into it. Automotive is a sector that presents us with a large market opportunity.”

The startup is now looking to broaden its presence by catering to automotive original equipment manufacturers (OEMs). According to CEO Varnwal, this strategic shift has significantly boosted growth, with revenue increasing nearly fivefold over the past 15 months. Spyne anticipates a threefold revenue increase in FY25-26.

Currently, over 60% of Spyne’s revenue comes from the US, followed by Europe. The fresh investment will also support its expansion strategy in the US, including establishing an on-ground presence.

Spyne serves small and medium-sized dealer networks across the US and Europe, offering an advanced technology stack that enables businesses to digitize operations with AI and GenAI capabilities.

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