Spintly Secures $2 Million to Revolutionize Smart Building Solutions
Spintly, a leading provider of wireless access control systems and smart building solutions, has successfully secured an extended seed funding round of $2 million from prominent investors including Accel, Doctor Technology, and Chakra Growth Fund. This recent funding milestone follows the company’s previous pre-Series A round of $2.5 million in 2022.
Founded in 2017 by Rohin Parkar and Malcolm Dsouza, Spintly specializes in cloud-based smart building solutions that leverage advanced technologies such as IoT, edge computing, and smartphone-based access control. The company’s innovative solutions aim to revolutionize the physical security space by providing cutting-edge, user-friendly systems for commercial and residential buildings.
The fresh infusion of capital will be utilized to accelerate Spintly’s growth trajectory within the US market, with a strategic focus on bolstering investments in sales, marketing, and partnership initiatives. The company plans to expand its market reach, grow its presence in new countries, strengthen its senior management, and enhance its smart building solutions by integrating AI and machine learning.
Spintly’s solutions have already shown significant impact, with the company witnessing a sharp increase in demand for its products. The annual recurring revenue (ARR) grew 300% year-on-year in 2023, and the platform boasts a user base of 250,000 users. The company’s commitment to innovation is evident in its plans to launch new features and products throughout the year, leveraging the latest advancements in technology to provide customers with even more powerful and flexible solutions.
Accel, a leading global venture capital firm, has been a key supporter of Spintly. The company was part of Accel’s pre-seed accelerator program, Atoms 3.0, which focuses on backing exceptional pre-seed startups building in the AI and Industry 5.0 domains. Barath Shankar Subramanian, Partner at Accel, expressed confidence in Spintly’s vision, stating that the company’s solutions have overcome the shortcomings of traditional access control systems by being adaptive, scalable, and allowing decentralized access control.
Spintly’s mission is to enable the future of smart buildings, enriching lives by providing safe, sustainable, and convenient living and working environments. The company is dedicated to prioritizing people’s well-being through intelligent spaces, enhancing their quality of life, and contributing to a more secure world.
The recent funding round is a testament to the hard work and dedication of Spintly’s team and the consistent support from its investors. Rohin Parkar, co-founder of Spintly, emphasized that this infusion of funds is a crucial step forward, enabling the company to scale its operations more effectively and broaden its product range across different market segments.
With this funding, Spintly is poised to continue its growth and expansion, revolutionizing the smart buildings industry with its innovative access control IoT solutions. The company’s commitment to innovation and customer satisfaction positions it as a leader in the physical security space, and its recent funding round is a significant step towards achieving its vision of making buildings smarter, safer, and more secure than ever.
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