SucSEED backs Spintly again, an IoT tech start-up in its Pre-Series A Round !!
SaaS-based Physical access control and smart buildings start-up Spintly, has raised $2.5M in a pre-series-A round of funding. Those participating in this round include SucSEED Indovation Fund, Lets Venture, Accel Nest Riso Capital, Defang Technology, 91ventures, Kyto Technology, and Life, and a few other notable angel investors and groups. Some notable angel investors include Dheeraj Pandey, Founder, and Ex-CEO of Nutanix and current CEO and founder of DevRev.
Spintly will be using these funds to focus on its growth in the Global market, specifically the USA, plus strengthening its R&D capabilities.
Spintly is 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. Targeted 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.
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 2021 and has more than 100 thousand users on the platform.
Spintly recently expanded its team in the US by hiring John Czarnik and Daniel Thomas in Silicon Valley as part of its business development and sales team. Spintly plans to expand into new market segments like Education, Residential, Data Centers, Enterprise, and Government. Spintly is addressing an $80.62B smart buildings market which is expected to be a $328.62B market by 2029.
Speaking on the investment, Vikrant Varshney Co-Founder and Managing Partner of SucSEED Indovation Fund, said “There is 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 organization with members like Amazon, Apple, Google, Nordic Semiconductors, NXP, and many more. We are very bullish about the future of Spintly.”
“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 expand our offerings to various market segments. Our Investors have been very supportive throughout our journey, and we are extremely excited to see them doubling down in this round,” said Rohin Parkar, Co-Founder and CEO of Spintly.
About SucSEED Indovation Fund — SucSEED Indovation Fund (SIF) is an AIF Cat-1 Venture Capital Angel Fund with a ₹100 crore corpus and has grown out of SucSEED Angel Network (SAN) and IIITH Tech Ventures, an early-stage tech seed initiative with IIIT Hyderabad Foundation. General Partners of the Indovation Fund have 100+ years of cumulative experience within technology, fund management, and start-up ecosystem and have already invested in 60+ startups. SIF attempts to support Indian Innovation for mass needs in the following Six (6) sectors —
EdTech,
FinTech,
Health-tech,
Security & RegTech,
Gaming, SportsTech, Mediatech & Emerging Tech and
EnterpriseTech SaAS