Goan startup Spintly raises Rs 4.6cr in seed funding

Team B&C | NT

 Goan startup Spintly raised Rs 4.6 crore in an extended seed round of funding. The funding was raised from a  consortium of investors comprising Riso Capital, a Silicon Valley company, SucSEED Indovation Fund, Hyderabad, Nikhand Investments LLC, Chicago and Keiretsu Forum, Chennai.

Spintly provides SaaS based physical security solutions which enable frictionless smartphone based door access, eliminating the need for key cards and elaborate wiring for access control. It is one of the few start-ups in the country operating in
this space.

Speaking on the funding,  Rohin Parkar, co- founder and CEO, Spintly, said, “We are extremely bullish about the future and are determined to transform the entire physical security and smart building ecosystem.” He said that, the funds will be utilised to boost sales, marketing and research activities in order to enhance the startup’s position as pioneers in the wireless cloud-based access control technology space.

“We offer the world’s first fully wireless mesh technology for access control which can also be used for smart building applications. We are humbled at raising a round of funding during COVID19 and since then have been witnessing a steady growth in demand for contactless door access solutions. This is certainly an indication of trust from our customers and investors,” said Parkar. 

  Spintly was founded by Rohin Parkar and Malcolm Dsouza in late 2017. Both founders worked in the US in the wireless technology space before returning to India in 2017. They started Spintly with a goal of building technology-based products in India.

“The world is moving towards a keyless future where one will no longer carry a key around to unlock doors. It will be done using one of our personal devices such as a smartphone or a smartwatch as a key. The Spintly platform is built to accelerate the transition to this keyless future. We believe that access control as a service (ACaaS) platform has a huge potential to enable use cases in smart buildings, as smart buildings move towards wireless infrastructure,” said the founders.

The access control market is currently a $70 billion market and expected to reach $84 billion by 2023. Out of the $70 billion market, $ 42 billion is the SaaS component of the market which is a huge shift in this hardware centric world of physical security. As per a report from IPVM, SaaS based physical security start-ups raised a total of $300 million in 2020.