Cloud-based smart building solutions in the physical security space Spintly Inc has raised seed round of $2 million Accel, Doctor Technology and Chakra Growth Fund.
Spintly aims to use this capital to accelerate its growth within the US market, with a focus on their sales, marketing and partnership initiatives. This development follows the successful fundraise by the startup of $1.4 million in 2022.
Founded in 2018 by Rohin Parkar and Malcolm Dsouza, Spintly uses a distributed IoT architecture and edge computing technology, which eliminates the need for heavy back-end infrastructure and enables smartphone-door access to users.
Product solutions
“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. We are poised to leverage this opportunity to accelerate our growth and expand our impact in the smart building ecosystem,” said Rohin Parkar, co-founder and CEO of Spintly.
“Spintly’s solutions have overcome the shortcomings of traditional access control systems - they are adaptive, scalableand allow decentralized access control, all of which make them very convenient to use. The team is on its way to revolutionize 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.
Rise in demand
The company claims to have witnessed a sharp increase in demand for its products with annual recurring revenue (ARR) growing 300 per cent year-on-year in 2023. It boasts a user base of 250,000 on its platform.
This investment comes days after venture capital firm Accel unveiled 8 start-ups from the third cohort of its accelerator program, Atoms. The program’s first sector-focused cohort, Atoms 3.0, backs exceptional pre-seed start-ups building in the AI and Industry 5.0 domains. Spintly was a part of Atoms 3.0.
In 2022, Spintly secured $1.4 million in a pre-series A funding round, with participation from investors like Lets Venture, Accel Nest and others.