Spintly, a SaaS-based physical security and smart buildings start-up has raised ₹4.6 crore in an extended seed round of funding.
The company’s funding was led by Silicon Valley-based Riso Capital, along with SucSEED Indovation Fund from Hyderabad, Chicago based Nikhand Investments LLC, and Keiretsu Forum angel network.
Spintly provides SaaS-based physical security solutions that enable frictionless smartphone-based door access, eliminating the need for key cards and elaborate wiring for access control. It is one of the few start-ups in the country operating in this space.
Brigade REAP, the first Proptech accelerator, played a vital role in the growth of Spintly, having mentored the company.
Speaking on this development, Rohin Parkar, Co-Founder and CEO, Spintly, stated, “We are extremely bullish about the future and are determined to transform the entire physical security and smart building ecosystem. We will utilise these funds to boost sales, marketing and research activities in order to enhance our position as pioneers in the wireless cloud-based access control technology space. We offer the world’s first fully wireless mesh technology for access control which can also be used for smart building applications. We are humbled at raising a round of funding during Covid19 and since then have been witnessing a steady growth in demand for contactless door access solutions. This is certainly an indication of trust from our customers and investors”.
Sri Purisai, Founder and Partner, Riso Capital, said, “RiSo Capital is excited to be part of Spintly’s journey as they continue to scale and deploy a flexible SaaS model to access control and building automation markets. Spintly brings an enterprise-grade Access Control as a Service (ACaaS) stack offering to a growing building automation market. The stack is versatile to run on various hardware topologies, including Bluetooth mesh and other native IP protocols. We support the team’s vision and are confident in their ability to execute and deliver.”
“Security and RegTech is one of the six focus areas of SucSEED Indovation Fund and we found Spintly’s tech solution quite fitting to the growing segment of Smart buildings and Smart living. Collaboration with supporting ecosystems could be key in their growth strategy, which we feel we can help them with,” said Vikrant Varshney, Managing Partner of SucSEED Indovation Fund.
Nirupa Shankar, Director, Brigade REAP, commented, “At Brigade REAP, our focus has always been to choose and mentor start-ups that can make a difference to real-world issues. We strongly believe that Spintly has immense potential and given the huge opportunity that lies ahead of them, are sure to grow even more. We are proud to have been associated with them as mentors. Today Spintly is very well positioned to capitalize on this growth trend with their cloud-based SaaS platform.”