Spintly, a proptech startup specializing in smart building solutions, has raised ₹3.5 crore in an extended seed funding round. The round was led by Spyre VC, with notable investors such as Accel India, Chakra Growth Fund, Alumni Ventures, and Doctor Technology. The latest funding added to Spintly’s previous funding of $5.36 million, which was secured from investors such as Letsventure, Riso Capital, Sucseed Indovation, and Accel Nest.
PC: The Economic Times
Use of Funds in a Strategic Manner
The newly invested funds will be used to enhance Spintly’s market presence, as it expands its presence into different countries. The startup also wants to strengthen its senior management functions, adding muscle to its operational capabilities.
Significantly, its investments will focus on building further smart building solution sets by engaging cutting-edge innovations, such as artificial intelligence (AI) and machine learning (ML). Thus, investing in innovation also reiterates the company’s pursuit of enhancing operations for contemporary buildings and transforming experiences for all building users.
Founded in 2017 by Rohin Parkar and Malcolm Dsouza, Spintly provides cutting-edge, wireless, cloud-based access control solutions and smart building systems. The startup aims to eliminate legacy systems by utilizing the power of Internet of Things (IoT), Edge AI, and smartphone-based applications. This approach simplifies the management of buildings and also enhances security and operational efficiency.
Spintly’s technology is fully integrated with the internal software systems used by enterprise and property management companies, which allows them to streamline their operations. The platform also offers APIs and SDKs for easy integration into third-party systems, making it a versatile solution for modernizing buildings into intelligent, connected spaces.
The global access control market is at approximately $10.4 billion now, and will increase to approximately $15.2 billion by the year 2029, growing with a compound annual growth rate (CAGR) of about 7.8%. The smart building market globally will also rise immensely, as its size expands from $78.28 billion in the year 2022 to $247.17 billion in 2032, with an achieved CAGR of about 12.3%. Such figures outline tremendous growth opportunity for the businesses that Spintly operates.
Presently, Spintly boasts that its offerings have been delivered across 24 million square feet of properties. Its total customer count of more than 500,000 and client partner network above 500 globally have witnessed an exceptional penetration and acceptability rate towards this kind of innovation of redeveloping non-intelligent conventional buildings as Smart Environments in this current and next phase for any built architecture.
The recent funding round is a key milestone for Spintly in its pursuit to capitalize on growing demand for smart building solutions. With its clear strategy focused on AI, ML, and IoT, the company has all the reasons to enhance its offerings and further expand its market footprint.
As the proptech landscape evolves, innovation and efficiency commitment would likely feature high in the path to Spintly’s success and further revolution of the real estate sector. With the increased investor confidence based on this round of funding, Spintly is positioned well to revolutionize how buildings are operated in this increasingly connected world.
