SUMMARY
The startup will deploy the fresh proceeds to fuel its expansion into the US market, with a focus on improving its sales, marketing and partnership initiatives
The company claims to have witnessed a sharp increase in demand for its products with annual recurring revenue (ARR) growing 300% year-on-year in 2023
Founded in 2018 by Rohin Parkar and Malcolm Dsouza, Spintly claims to simplify access control to commercial and residential buildings
Internet of things (IoT)-based wireless access control startup Spintly has raised $2 Mn (around INR 16.7 Cr) in an extended seed funding round from Accel, Chakra Growth Fund and others.
The startup will deploy the fresh proceeds to fuel its expansion into the US market, with a focus on improving its sales, marketing and partnership initiatives.
Besides, the funding will also be used to scale up the company’s product range across different market segments.
Founded in 2018 by Rohin Parkar and Malcolm Dsouza, Spintly claims to simplify access control to commercial and residential buildings. The startup uses a distributed IoT architecture and edge computing technology, which eliminates the need for heavy back-end infrastructure and enables smartphone-based door access to users.
Parkar said, “This infusion of funds is a crucial step forward, enabling us to scale our operations more effectively, to broaden our product range across different market segments. The consistent support from our investors has been a cornerstone of our progress and this investment is a vote of confidence in Spintly’s vision and a testament to the hard work and dedication of our team.”
“Spintly’s solutions have overcome the shortcomings of traditional access control systems- they are adaptive, scalable, and allow decentralised access control, all of which make them very convenient to use. The team is on its way to revolutionise smart buildings – they have already shown consistent results for large customers, reducing costs for multiple businesses and simplifying infrastructure management for thousands of people,” said Barath Shankar Subramanian, Partner at Accel.
The company claims to have witnessed a sharp increase in demand for its products with annual recurring revenue (ARR) growing 300% year-on-year in 2023. It boasts a user base of 250,000 users on its platform.
This investment comes days after venture capital firm Accel unveiled 8 startups from the third cohort of its accelerator program, Atoms. The program’s first sector-focused cohort, Atoms 3.0, backs exceptional pre-seed startups building in the AI and Industry 5.0 domains. Spintly was a part of Atoms 3.0.
“Since joining the Atoms 3.0 program, Spintly has undergone substantial evolution, benefiting from valuable insights and support to refine its strategy. With this new round of funding, Spintly intends to leverage these connections and guidance to scale its solution and extend its market reach effectively,” said the company in a statement.
In 2022, Spintly secured $1.4 Mn in a Pre-Series A funding round, with participation from investors like Lets Venture, Accel Nest, and Others.
IoT startups have been gaining traction from investors lately.
For instance, last year deeptech IoT startup Datoms has raised $1.2 Mn (approximately INR 10 Cr) in its pre-Series A funding round led by Yournest Venture Capital.
