Accel led a round of funding that saw Spyne raise $7 million

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 plans to expand its horizons in the areas of augmented or virtual reality to develop products for the metaverse/omniverse, according to a Tuesday statement.

Spyne was founded in 2018 by Sanjay and Deepti Prasad. It develops fully automated, AI image processing products that allow eCommerce marketplaces in fashion, automotive, and retail to increase and develop the visual quality of their images without the need for a studio.

It has customers in 15 different countries, including India.

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