ETtechSpyne plans to use the funds to acquire more talent, for global expansion including in the United States, and to set up a computer vision lab for deeper research and development (R&D).
“We are looking to build a strong deep-tech computer vision team and for our new computer vision lab, we will be hiring from IITs and other institutions,” cofounder Sanjay Kumar told ET.
Spyne also intends to expand its horizons into the fields of augmented and virtual reality to build products for the metaverse and omniverse, the company said in a statement.
Founded in 2018 by Kumar and Deepti Prasad, Spyne develops fully automatic, AI image processing products to help e-commerce marketplaces in the automotive, fashion, and retail industries to enhance and develop the visual value of their images without a physical studio.
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It currently has customers in 15 countries, including around 80 in India, such as Amazon India, Flipkart, Ola Cars, and Udaan.
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“With the new investment, we will also be focusing on expanding in the US and European markets. In Southeast Asia and the Middle East, we have set up some partnerships and are working with them,” Kumar said.
The company is also further reaching into tier 2 and tier 3 cities.
“In tier 2 and tier 3 cities, there is a huge need for our product. And so far, our business has performed really well, and product adoption has happened at the maximum out there,” cofounder Deepti Prasad said.
The Gurugram-based startup recently launched its self-serve AI technology for the automotive industry called ‘Spyne AI Cars’ and said it would replicate the model for the ecommerce and food industries in the coming months.
The SaaS startup has around 100 employees, including tech experts, industry analysts, and thought leaders and plans to introduce new products and categories including food, ecommerce, fashion and real estate.
Sources said Spyne is clocking $1-$2 million in annualised revenue run rate as of FY2022 and is in talks to raise another funding round this year.
In August 2019, the company raised around Rs 4.5 crore in a round led by AngelList Venture, Smile Group, Manish Amin, chief operating officer of Yatra, and other marquee investors.
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