Proptech startup Spintly raised Rs 3.5 Cr in extended Seed funding round
An expanded seed investment round headed by Spyre VC has garnered Rs 3.5 crore for the proptech firm Spintly, with Accel India, Chakra Growth Fund, Alumni Ventures, and Doctor Technology also participating.
Letsventure, Riso Capital, Sucseed Indovation, and Accel Nest have previously contributed $5.36 million to the company’s fundraising efforts.
According to a press statement from Spintly, the money raised will be used to broaden the breadth of its smart building solutions by utilizing AI and machine learning, boost its presence in other nations, improve senior management capabilities, and speed up its market reach.
Spintly was co-founded in 2017 by Rohin Parkar and Malcolm Dsouza. By offering wireless, cloud-based access control solutions and smart building systems, the company uses cutting-edge technology to enhance the way buildings function. It does away with the need for legacy systems by utilizing IoT, Edge AI, and smartphone-based technologies to produce smooth and effective user experiences, with an emphasis on simplicity, scalability, and innovation.
Spintly claims that their technology enables company operations and security to be streamlined by integrating access control with internal software systems of property management and business firms. Because its platform provides SDKs and APIs for simple integration with other systems, it is the best option for transforming buildings into intelligent, networked environments.
The worldwide access control market is expected to increase at a compound annual growth rate (CAGR) of 7.8% from its present valuation of USD 10.4 billion to USD 15.2 billion by 2029. At a compound annual growth rate (CAGR) of 12.3%, the size of the worldwide smart building market is anticipated to increase from $78.28 billion in 2022 to $247.17 billion by 2032.
According to Spintly, it has already implemented its solutions on 24 million square feet of real estate, catering to over 500 clients and 0.5 million users worldwide.
