Spintly, SaaS (software as a service)-based physical access control and smart buildings-focused startup, has raised $2.5 million in a pre-series A round of funding from Lets Venture and Accel Nest.
The round saw participation from Sucseed Indovation, RiSo Capital, Defang Technology, 91 Ventures, Kyto Technology and Life, and other angel investors including Dheeraj Pandey, co-founder and chief executive officer of DevRev and former founder and CEO of Nutanix.
Spintly said it will use these funds to focus on its growth in the global market including the United States and to strengthen its R&D (research and development) capabilities. Spintly has raised $3.5 million so far.
“We are much stronger now and this capital will help us scale and penetrate deeper into the market and also expand our offerings to various market segments,” said Rohin Parkar, co-founder and CEO, Spintly.
Spintly said it expanded its team in the US by hiring John Czarnik and Daniel Thomas in Silicon Valley as part of the business development and sales team. Spintly plans to expand into new market segments like education, residential, data centers, enterprise and government.
Founded by Rohin Parkar and Malcolm Dsouza in 2018, Spintly launched its first products in early 2020. It offers a fully wireless, smartphone-based physical access control solution to commercial and residential buildings. The adoption of Spintly products saw an increase in the post-pandemic phase due to the increased need for contactless and cloud-based solutions.
Spintly has seen its revenues grow by 500% in 2022 as compared to 2021 and has more than 100 thousand users on the platform, it said without disclosing the numbers.