AI-powered visual merchandising platform Spyne has successfully raised $16 million in a Series A funding round led by Vertex Ventures. The funding round also saw participation from existing investors, including Accel, Storm Ventures, and Alteria Capital, all of whom have doubled down on their investments in the rapidly growing startup.
This significant investment will enable Spyne to accelerate its expansion in the U.S. and continue developing next-generation AI solutions that aim to transform automotive retail. The fresh capital will be directed towards enhancing the company’s AI-powered platform, strengthening its technology infrastructure, and expanding into new international markets, particularly in high-growth regions across EMEA and APAC.
A Strategic Move Towards AI-Powered Automotive Retail
Spyne has been a pioneer in AI-driven visual merchandising, offering dealerships cutting-edge solutions that optimize the showcasing of vehicles in the digital space. The company is now evolving beyond its core visual merchandising capabilities to develop a unified AI and LLM-powered Automotive Retail Suite, setting the stage for more advanced digital transformation in the industry.
Co-founder and CEO of Spyne, Sanjay Varnwal, shared his vision for the company following the funding announcement. “This investment marks a pivotal moment for Spyne as we accelerate our U.S. expansion and push the boundaries of what AI can do for automotive retail. Our vision is to make digital vehicle showcasing smarter, faster, and more immersive for dealerships worldwide. We’re thrilled to have Vertex Ventures on board, alongside the unwavering support of our existing investors Accel and Storm, as we build a category-defining Retail AI platform for the industry.”
Piyush Kharbanda, General Partner at Vertex Ventures SEAI, echoed this sentiment, highlighting the potential of Spyne’s technology in addressing a critical pain point in the industry. “At Vertex, we have had a longstanding thesis around specialized AI applications solving vertical use cases. Spyne has proven this in solving a fundamental pain point for auto dealerships leveraging AI to optimize vehicle merchandising and retail operations at scale. We are excited to lead Spyne’s Series A and support their journey as they transform how cars are bought and sold online and scale to be a standout market leader in the space.”
Exponential Growth and Future Expansion
Spyne has witnessed explosive growth over the past 15 months, with a fivefold increase in its market presence. The company is now targeting an ambitious threefold revenue growth in FY 2025-26, capitalizing on its AI-driven innovations and market expansion strategies. The company’s expansion into international markets, including EMEA and APAC, is being modeled after its successful U.S. go-to-market strategy, ensuring a streamlined and effective global rollout.
With this fresh round of funding, Spyne is poised to revolutionize automotive retail by integrating AI-powered visual merchandising solutions with enhanced data intelligence. This will allow dealerships to optimize online vehicle listings, improve customer engagement, and boost sales through smarter and more efficient digital showcases.
The Role of AI in Automotive Retail
The automotive industry is witnessing a significant shift towards digitalization, and AI-driven solutions are becoming increasingly crucial in enhancing the retail experience. Spyne’s technology leverages AI and machine learning to provide high-quality, immersive visual merchandising that helps dealerships present their inventory in the most appealing and effective manner. By eliminating the need for costly studio photography and manual editing, Spyne’s AI-powered tools enable dealerships to enhance their online presence while reducing operational expenses.
As consumer behavior continues to shift towards digital-first vehicle purchases, auto dealerships require innovative solutions to remain competitive. Spyne’s advanced AI platform equips dealerships with powerful visual merchandising capabilities that streamline the buying process, optimize inventory presentation, and drive higher conversion rates.
Investment Signals Confidence in AI-Powered Retail Transformation
The participation of leading investors such as Vertex Ventures, Accel, Storm Ventures, and Alteria Capital signals strong confidence in Spyne’s ability to transform the automotive retail landscape. The company’s ability to secure funding from both new and existing investors underscores the market’s belief in its innovative AI solutions and ambitious global expansion plans.
The investment comes at a time when AI-driven digital retail is gaining momentum across industries. Spyne’s vision to redefine automotive retail through AI aligns with broader market trends emphasizing automation, personalization, and efficiency in online sales.
What’s Next for Spyne?
With this funding round secured, Spyne will focus on executing its strategic growth plan, enhancing product capabilities, and expanding its reach in high-growth international markets. The company aims to leverage AI advancements to refine its Automotive Retail Suite, ensuring that dealerships worldwide can offer a seamless, engaging, and highly optimized digital vehicle purchasing experience.
By continuously evolving and integrating AI into its platform, Spyne is well-positioned to redefine automotive retail for the digital age. The coming years will be pivotal for the company as it scales operations, refines its technology, and solidifies its position as a leader in AI-powered vehicle merchandising.
As the automotive retail industry moves further into digital transformation, Spyne’s AI-driven approach is set to play a crucial role in shaping the future of how vehicles are bought and sold online.
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HACK IITK Global Security Hackathon 2025 Grand Finale
C3iHub, the Cybersecurity Technology Innovation Hub at IIT Kanpur, officially inaugurated the Grand Finale of the HACK IITK Global Security Hackathon 2025. The three-day event, which began on February 16, will conclude on February 18 at IIT Kanpur. This prestigious hackathon brings together some of the brightest minds in cybersecurity, providing a platform for showcasing innovative solutions to pressing security challenges in the digital age.
Distinguished Guests and Keynote Speeches
The event was graced by Dr. Gulshan Rai, former National Cybersecurity Coordinator and former Director General of CERT-In, who attended as the chief guest. He was joined by Prof. Manindra Agrawal, Director of IIT Kanpur, Prof. Sandeep Shukla, Project Director of C3iHub, and Dr. Tanima Hajra, COO and Interim CEO of C3iHub. Their presence was instrumental in setting the stage for the hackathon’s success.
Dr. Gulshan Rai emphasized the rapidly evolving landscape of cybersecurity, stating, “There is a paradigm shift in cybersecurity as new challenges emerge every day. The entire cybersecurity space is becoming more complex than ever, making the themes of this hackathon—Web3 Security, IT Security, and Cyber Crime—highly relevant.” His remarks underscored the growing importance of cybersecurity in an increasingly digital world.
Prof. Manindra Agrawal also highlighted the significance of hackathons in skill development, stating, “Hackathons play a crucial role in developing technical expertise, and young talent can contribute significantly to the field of cybersecurity.” His words resonated with participants, reinforcing the event’s role in nurturing the next generation of cybersecurity professionals.
Strong Industry Partnerships
HACK IITK 2025 is backed by an impressive lineup of partners, including Bharat Electronics Ltd. (BEL), Saptang Labs, SecureDApp, State Bank of India (SBI), and Amazon Web Services (AWS) as the Cloud Partner, alongside Hack2Skill and Prutor as Platform Partners. These strategic collaborations ensure that the hackathon offers not only a world-class competitive experience but also essential resources, mentorship, and industry expertise to push the boundaries of cybersecurity innovation.
Unprecedented Participation and Competition Structure
With over 7,000 registrations in the Solution Track and 35 pioneering startup ideas in the Startup Track, HACK IITK has quickly established itself as a landmark event in the global cybersecurity landscape. The competition boasts a prize pool exceeding ₹30 lakhs, including ₹5 lakhs in cash and AWS Cloud Credits for the winners.
The Solution Track invites students from various academic levels to tackle cybersecurity issues such as IT Security, Cyber Crime, and Web3 Security. Meanwhile, the Startup Track provides emerging cybersecurity startups with a platform to present innovative solutions across domains such as AI/ML Security, Automotive Security, and Privileged Access Management (PAM).
As the competition enters its final stages, 201 participants from 54 teams have qualified for the Solution Track Finals, while 11 startups have made it to the Startup Track Finals. These teams showcase an exceptional level of talent and innovation, making this event a celebration of cybersecurity excellence.
Launch of the Cyber Security Accelerator Program (CSAP) Cohort 2
In conjunction with the hackathon, C3iHub has announced the call for applications for the second cohort of the Cyber Security Accelerator Program (CSAP) under the CPS-DIAL initiative by the Department of Science and Technology (DST). This program aims to accelerate the growth of promising cybersecurity startups by offering funding support of up to INR 2 Crore, expert mentorship, and access to IIT Kanpur’s extensive innovation ecosystem.
Over a nine-month period, selected startups will receive tailored guidance to refine their business strategies and fast-track their growth. Building on the success of its first cohort, CSAP aims to empower startups working in emerging cybersecurity fields, including:
- Web3 Security
- Privacy Enhancing Technologies
- Mobile Security and Mobile Forensics
- Supply Chain Security
- Threat Intelligence
- Automotive Security
- Adversary AI Threat Detection & Security of AI
- LLM Security
Advancing Cybersecurity Innovation in India
C3iHub’s unwavering commitment to fostering innovation and supporting cybersecurity entrepreneurs underscores the growing significance of cybersecurity in the digital era. By hosting HACK IITK and launching the CSAP initiative, C3iHub continues to provide a robust platform for both emerging talent and established professionals in the cybersecurity domain.
As the hackathon progresses and CSAP expands, these initiatives are set to make a lasting impact on the cybersecurity ecosystem in India. With a strong foundation of industry partnerships, strategic mentorship, and cutting-edge technology solutions, C3iHub is reinforcing its position as a critical hub for cybersecurity innovation and entrepreneurship.
The culmination of HACK IITK 2025 promises to be a defining moment in global cybersecurity, fostering groundbreaking advancements and shaping the future of digital security. The world eagerly watches as the finalists present their innovative solutions, paving the way for a safer, more secure cyber landscape.