Proptech startup Spintly has raised Rs 3.5 crore in an extended seed funding round led by Spyre VC, along with participation from Accel India, Chakra Growth Fund, Alumni Ventures, and Doctor Technology. The company had previously raised $5.36 million from Letsventure, Riso Capital, Sucseed Indovation, and Accel Nest.
The proceeds will be utilized to accelerate its market reach, increase its presence in different countries, strengthen senior management functions, and expand the scope of its smart building solutions by leveraging AI and machine learning, Spintly said in a press release.
Co-founded in 2017 by Rohin Parkar and Malcolm Dsouza, Spintly leverages cutting-edge technologies to empower the way buildings operate by providing wireless, cloud-based access control solutions and smart building systems. With a focus on simplicity, scalability, and innovation, it eliminates the need for legacy systems by leveraging IoT, Edge AI, and smartphone-based technology to create seamless and efficient user experiences.
According to Spintly, its technology integrates access control with internal software systems of enterprise and property management companies, allowing them to streamline their operations and security. Its platform offers APIs and SDKs for easy integration into third-party systems, making it the ideal solution for modernizing buildings into intelligent, connected spaces.
Furthermore, as pepr a market research, the global access control market is currently valued at USD 10.4 billion and is projected to reach USD 15.2 billion by 2029, growing at a CAGR of 7.8%. Meanwhile, the global smart building market size is expected to grow from USD 78.28 billion in 2022 to $247.17 billion by 2032, at a CAGR of 12.3%.
Spintly claims that it has already deployed its solutions across 24 million square feet of real estate, serving more than 0.5 million users and over 500 customers globally.
