Spintly raised Rs 4.6 crore in an extended seed funding round, led by Riso Capital and including investors such as Keiretsu Forum angel network, Nikhand Investments and SucSEED Indovation Fund, the company said on April 16.
Rohin Parkar, Co-Founder and CEO at Spintly said the funds would be used for marketing and research aimed at enhancing position in the wireless cloud access control technology space and boosting sales.
The Software-as-a-service (SAAS) based physical security startup provides users with solutions such as smartphone accessed doors and locks – cutting need for physical keys and complicated wiring.
Parkar said that they were “extremely bullish” about the physical security and smart building space and had been "witnessing steady growth in demand for contactless door access solutions”.
Lead investor Riso Capital’s founder and partner Sri Purisai said they were excited about Spintly as it offered “enterprise grade Access Control as a Service (ACaaS) stack to a growing building automation market", which could run on various hardware technologies including bluetooth mesh and other native IP protocols.
Vikrant Varshney, managing partner of SucSEED Indovation Fund hailed Spintly’s solutions as “fitting” for the growing smart buildings and smart living segment, adding that they feel they can help the startup with a key supporting ecosystem for its growth strategy.Spintly says its solutions can be used in diverse cases including smart buildings and wireless infrastructure.