IoT tech start-up SPINTLY raises USD 2.5M in Pre-Series A Round

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Bengaluru (Karnataka) [India]: SaaS-based physical access control and smart buildings startup Spintly raised  $2.5M in a pre-series A round of funding. The round saw participation from Lets Venture, Accel Nest, SucSEED Indovation, RiSo Capital, Defang Technology, 91 Ventures, Kyto Technology and Life, and a few other notable angel investors and groups including Dheeraj Pandey, Co-Founder and CEO of DevRev and former Founder and CEO of Nutanix. Spintly will be using these funds to focus on its growth in the global market including the United States and to strengthen its R&D capabilities. Spintly has raised $3.5 M so far. Funding will fuel global expansion and strengthen R&D.

Started in 2018 by Rohin Parkar and Malcolm Dsouza, Spintly launched its first products in early 2020. Spintly offers a frictionless, fully wireless, smartphone-based physical access control solution to commercial and residential buildings. The adoption of Spintly products increased in the post-pandemic phase due to the increased need for contactless and cloud-based solutions. Spintly products are mainly adopted by co-working spaces, managed commercial office spaces, and small- to medium-sized enterprises. Spintly has seen its revenues grow by 500% in 2022 as compared to that in 2021 and has more than 100 thousand users on the platform.

Rohin Parkar, Co-Founder and CEO of Spintly said, “We are really proud that our team has built a strong, lean and sustainable business surviving through the pandemic and the recent global economic turmoil. We are much stronger now and this capital will help us scale and penetrate deeper into the market and also expand our offerings to various market segments. Our investors have been very supportive throughout our journey and we are really excited to see some of them doubling down in this round.” 

“RiSo Capital is pleased to have led the earlier investment round in Spintly. We are excited about the progress the team has made so far and where they are headed. We are excited to reinvest and back the team in the exciting path forward. Spintly brings an enterprise-grade Access Control as a Service (ACaaS) IoT stack offering to a growing building automation market. The stack is versatile to run on various hardware topologies including Bluetooth mesh and other IP protocols like Thread and Wifi. We strongly believe in the team’s vision and are confident in their ability to execute and deliver,” said Sri Purisai of RiSo Capital.

Dheeraj Pandey, who has come onboard the Spintly advisory board as a Strategic Advisor, said, “The founders at Spintly remind me of my early years of company building at Nutanix. I learn from them as much as they learn from me. Access Control as a Service as a category will be redefined this decade as remote work becomes more prevalent.”

Speaking on the investment, Vikrant Varshney, Co-Founder & Managing Partner of SucSEED Indovation Fund, said, “There is a mobile and cloud revolution happening in the physical security space. Smart access control systems are pacing ahead due to the adoption of wireless access control systems by large enterprises after the pandemic. Spintly offers the world’s first fully-wireless mesh access control solution with Thread, Bluetooth LE, NFC, and other contactless technologies. Spintly won the Thread Innovation Enabler Award in February 2022 which is a member-driven organisation including Amazon, Apple, Google, Nordic Semiconductor, NXP, and many more. We are very bullish about the future of Spintly.”

LetsVenture, a pioneering marketplace for early-stage startups, participated in this round as well. LetsVenture makes fundraising in India’s private market easy, efficient, and transparent for both startups and investors. LetsVenture has raised over $110 million for 500+ startups, and its portfolio is valued at $8B+. The LetsVenture platform has more than 12,000 investors from 60 countries. LetsVenture is backed by Accel, Chiratae Ventures, Nandan Nilekani, Ratan Tata, Rishad Premji, Mohandas Pai, Sharad Sharma, and Anupam Mittal.

“Spintly has a very strong technology-centric DNA. The team has adopted a scalable GTM by partnering with strategic partners such as Godrej, enabling them to hyper-scale their business both in India and the US,” stated SiddharthSirigeri, who led the round on the LetsVenture platform along with Kamlesh Bhesaniya.

Spintly recently expanded their team in the US by hiring John Czarnik and Daniel Thomas in Silicon Valley as part of the Business Development and Sales team. Spintly plans to expand into new market segments like Education, Residential, Data Centers, Enterprise, and Government. Spintly is addressing a $80.62B smart buildings market which is expected to be a $328.62B market by 2029.

Headquartered in Silicon Valley with offices in India and backed by institutional venture capital firms and angel investors, Spintly’s vision is to Simplify the Built World™. Using wireless mesh and cloud technologies, Spintly delivers a truly wireless, cloud-based access control platform for a seamless user experience and eliminates the need for key cards and elaborate wiring for access control. Spintly’s hassle-free and contactless user experience makes it an ideal COVID-19 solution. Target verticals include enterprises of all sizes as well as co-working spaces, multi-dwelling residential complexes, banking/financial institutions, and hospitality. The Access Control market is currently worth $80.62B globally and is evolving from a wired solution to a wireless ACaaS solution.

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