Hello there.

Despite and In spite of (not inspite)

Both can be used interchangably. There is no big difference; though some people might say that In Spite Of may sound more formal. 

Examples:(despite or in spite of + noun)

- Despite the rain, we all went to the party.

- In spite of the rain, we all went to the party.

I hope you were able to understand. Feel free to ask any following questions!

Regards!

thank you much