Physical security startup Spintly, on Thursday, said that it has raised Rs. 4.6 crore as a part of its extended seed round of funding, led by Silicon Valley-based Riso Capital.
Hyderabad-based SucSEED Indovation Fund, Chicago-based Nikhand Investments LLC, and Keiretsu Forum angel network also participated as part of this round.
Spintly provides Software-as-a-Service (SaaS) based physical security solutions allowing users to access doors and locks through their smartphones. This eliminates the need for physical key cards and elaborate wiring.
“We are extremely bullish about the future and are determined to transform the entire physical security and smart building ecosystem. We provide fully wireless mesh technology for access control which can also be used for smart building applications, and have been witnessing a steady growth in demand for contactless door access solutions,” said Rohin Parkar, co-founder and chief executive officer at Spintly.
According to Parkar, it will use these additional funds to boost sales, marketing and research activities in order to enhance its position in the wireless cloud-based access control technology space.
“Riso Capital is excited to be part of Spintly’s journey as they continue to scale and deploy a flexible SaaS model to access control and building automation markets. Spintly brings an enterprise-grade Access Control as a Service (ACaaS) stack offering to a growing building automation market. The stack is versatile to run on various hardware topologies including Bluetooth mesh and other native IP protocols,” said Sri Purisai, founder and partner, Riso Capital.
According to the startup, it looks to enable diverse use-cases in smart buildings, as they move towards wireless infrastructure.
“Spintly’s tech solution is quite fitting to the growing segment of Smart buildings and smart living. Collaboration with supporting ecosystem could be key in their growth strategy, which we feel we can help them with,” said Vikrant Varshney, managing partner of SucSEED Indovation Fund.
