Deep tech software-as-a-service (SaaS) company Spyne has raised $7 million in a funding round led by US venture capital firm Accel, with participation from existing investors including Storm Ventures, Smile Group, Pentathlon Ventures, and Core91.
The firm plans to use the funds to acquire more talent, for global expansion including in the US, and to set up a computer vision lab for deeper research and development (R&D) in the space.
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 on Tuesday.
Founded in 2018 by Sanjay Kumar and Deepti Prasad, Spyne develops fully automatic, AI image processing products to help eCommerce marketplaces in the automotive, fashion, and retail industries to enhance and develop the visual value of their images without a physical studio.
It currently has customers in 15 countries, including around 80 in India, such as Amazon India, Flipkart, Karvi, Ola Cars, second-hand car selling platform Sell Any Car, and Udaan.
Read more on Tech Gist Africa:
Direct-to-consumer (D2C) home fragrance and wellness brand Phool.co raises $8 million
PlayVerse raises $1.5 million in a funding round from Japan’s Akatsuki
Hyper-social gaming platform Bombay Play raises $7 million