TMT
By
IoT-based wireless access control startup Spintly raises pre-Series A funding
Photo Credit: 123RF.com

Internet of Things (IoT) startup Spintly on Friday said it has raised Rs 1.9 crore ($250,000) in its pre-Series A round of funding led by US-based angel investors and Goa-based venture accelerator Saltwater Venture Sparks.

The Bengaluru-based startup said in a statement it will use the funds to boost its customer acquisition, expansion and accelerate its product development process.

The firm had initially raised Rs 75 lakh from US-based angel investors, it added, without disclosing their identities.

Spintly, operated by Mrinq Technologies LLP, founded in December 2017 by Rohin Parkar and Malcolm Dsouza. Both have previously worked with Nokia.

The startup offers smart access control products for office access management, home access management and attendance management. Its wireless cloud-based control platform which enables users to access doors using their smartphones.

It currently has a presence in cities such as Goa, Mumbai, Delhi and Bengaluru with clients including OYO, L&T, P&G and MyGate.

Gautam Verlekar, founding partner at Saltwater Venture Sparks, said Spintly has superior technology and IP, which he believes will help the startup to achieve a global scale.

Startups offering IoT platforms for various purposes have been attracting funding.

Last month, Singularity Automation Pvt. Ltd, which provides an IoT-based platform to budget hotels and companies that offer shared accommodation, raised its first round of institutional funding from IvyCap Ventures.

In February, Altor, a startup that builds IoT and artificial intelligence-enabled helmets, received funding from startup incubator and accelerator Venture Catalysts.

In November last year, VCCircle reported that Accel invests in IoT product solution and services startup.

Leave Your Comment(s)