SaaS based Physical security and Smart buildings startup Spintly has raised Rs 4.6 crore in an extended seed round of funding.
This round of investment 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, a release said.
Spintly provides SaaS based physical security solutions which enable frictionless smartphone-based door access, eliminating the need for key cards and elaborate wiring for access control.
Brigade REAP, the first Proptech accelerator, has played a vital role in the growth of Spintly, having mentored the company.
Spintly Co-Founder and CEO Rohin Parkar said, “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,” he added.
Riso Capital Founder and Partner Sri Purisai 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,” he added.
Spintly was founded by Rohin Parkar and Malcolm Dsouza in late 2017. Both founders worked in the US in the wireless technology space before returning to India in 2017.
They started Spintly with a goal of building technology-based products in India. The world is moving towards a keyless future where one will no longer carry a key around to unlock doors. It will be done using one of our personal devices such as a smartphone or a smartwatch as a Key. The Spintly platform is built to accelerate the transition to this keyless future.
Spintly believes that their Access Control as a Service (ACaaS) platform has a huge potential to enable use cases in smart buildings, as smart buildings move towards wireless infrastructure, the release added.
Spintly represents a breed of Indian startups which focus on deep-tech and have a potential to disrupt global ecosystems. The Access Control market is currently a $70 billion market expected to reach $84 billion by 2023.
Out of the $70 billion market, $42 billion is the SaaS component of the market which is a huge shift in this hardware centric world of physical security. As per a report from IPVM, SaaS based Physical security startups raised a total of $300 million in 2020.
COVID-19 has had a profound impact on the industry including the Spintly business. After an initial slowdown during the lockdown phase the demand for Spintly products has increased steadily due to the need for contactless solutions which can be managed and operated remotely.
