Spintly Inc., a provider of cloud-based smart building solutions in the physical security space, has announced the completion of its extended seed round, securing $2 million in funding from Accel, Doctor Technology, and the Chakra Growth Fund.
This development follows the successful fundraise by the start-up of $1.4 million in 2022. Spintly aims to use this injection of capital to accelerate its growth within the US market, with a strategic focus on bolstering their sales, marketing, and partnership initiatives.
Rohin Parkar, Co-Founder and CEO of Spintly, said, "This infusion of funds is a crucial step forward, enabling us to scale our operations more effectively and broaden our product range across different market segments.”
Started in 2018 by Rohin Parkar and Malcolm Dsouza, Spintly offers a frictionless, fully wireless, smartphone-based physical access control solution for commercial and residential buildings.
The global smart building market is expected to reach $450 billion by 2030 with the growing adoption of business information modeling (BIM), artificial intelligence (AI), the Internet of-Things (IoT), virtual reality (VR), cloud computing, and data analytics.
Due to the increased need for digitisation of physical infrastructure post-pandemic, Spintly witnessed a sharp increase in demand for its products. As per a company statement, with over 250,000 users on its platform, Spintly’s annual recurring revenue (ARR) grew 300 percent year-on-year in 2023.
Recently, Spintly increased the size of its US team by adding business development and sales team members in Silicon Valley and Texas. Spintly intends to grow into new market niches, including enterprise, residential, data centres, and education, and plans to launch new features and products this year. The company has also developed partnerships with global smart infrastructure companies like Cisco Meraki, and others to offer integrated solutions to enterprise customers.
In 2021, Spintly relocated its contract manufacturing to India, forging partnerships with local manufacturers in Gujarat and Tamil Nadu. As per the company statement, this strategic decision not only addressed immediate supply chain hurdles but also resonated with the overarching goal of bolstering local manufacturing and fostering employment opportunities within India.
