SpyneAI, a leading AI-based visual merchandising platform for the automotive industry, announced it has secured $16 million in Series A funding led by Vertex Ventures. Existing investors, including Accel and Storm Ventures, doubled their investment in this round. This funding round will accelerate SpyneAI’s U.S. expansion and innovation in its GenAI-driven automotive retail suite.
With 1,500+ existing dealer rooftop customers in the U.S., the startup plans to onboard 20,000+ rooftops in the coming years nationwide. And to support this growth, SpyneAI will strengthen its business development efforts by hiring a US country head, account executives, and customer success specialists. This expansion will enable more face-to-face interactions with dealerships, OEMs, and marketplaces, enhancing engagement and accelerating growth.
Beyond visual merchandising, SpyneAI will launch a unified AI-powered automotive retail solution to help dealerships source, price, and sell vehicles more efficiently using GenAI and Agentic AI. This will make the entire retail experience for used-car dealerships more seamless, cost-effective, and data-driven.
SpyneAI has grown 5 times over the past 15 months in the US and aims for a 3X revenue increase in FY 2025-26. And the company continues to expand into new markets, including EMEA and APAC, while replicating its successful U.S. go-to-market strategy.
KEY QUOTES:
“This funding will fuel our ambitious goal to reach 20,000+ rooftops across the US, hire on-ground staff, and make dealer transaction journey more efficient using our GenAI-powered automotive retail solution. We are thrilled to have Vertex Ventures back us on this journey, alongside the continued support of Accel and Storm.”
– Sanjay Varnwal, Co-Founder & CEO of SpyneAI
“SpyneAI is solving a fundamental challenge for dealerships by leveraging AI to optimize vehicle merchandising and retail operations at scale. We are excited to support them as they redefine how cars are bought and sold online.”
– Piyush Kharbanda, General Partner at Vertex Ventures SEAI
