[Funding alert] IoT startup Spintly raises Rs 1.9 Cr in Pre-Series A round

IoT startup Spintly will use this funding to scale up sales, marketing, and research activities to accelerate customer acquisition and market penetration.

Spintly, an IoT-based wireless access control startup, has raised Rs 1.9 crore in a Pre-Series A funding round from early-stage US angel investors, led by a technology angel investor group and Saltwater Venture Sparks, a Goa-based venture accelerator. 

This investment will be used to scale up sales, marketing and research activities to accelerate customer acquisition and market penetration, Spintly said in a release.

Gautam Verlekar, Founding Partner, Saltwater Venture Sparks, said, 

“Being the world’s first wireless access control back-end system, we believe that Spintly has a great opportunity to create a new market category. The company has superior technology and IP, which we think will allow them to achieve a global scale.”

The startup had initially raised close to Rs 75 lakh from US-based angel investors.

Founded by Rohin Parkar and Malcolm Dsouza in December 2017 under Mrinq Technologies LLP, Goa-based Spintly is changing the way access control systems are deployed and used. It is a wireless cloud-based access control system, which also enables users to use their smartphone as an access control device. The startup claims to be expanding its B2B IoT SAAS offering and has a huge customer base in India.  

Rohin Parkar and Malcolm Dsouza, Co-founders, Spintly added, 

“There is a greater demand for touchless alternatives by hospitals, hotels, coworking and large office spaces as organisations want to take all precautionary measures to ensure the safety of their team and guests. We have seen a rise in demand for our products and are in the process of ramping up our production. The funds raised will also help us accelerate the product development process to meet the increased demand.” 

Incubated at the Goa government-run startup incubator “Ignite-EDC Innovation hub”, Spintly caters to a range of customer segments including medium/large enterprises, coworking spaces, co-living spaces, industrial and logistics segments, and the hospitality sector.

Within a year of the launch of their products in the market, Spintly said it has expanded into major cities like Goa, Mumbai, Delhi, and Bengaluru. It has over 2,500 users and has connected over 1,000 doors, achieving close to one lakh unlocks. Some of its customers include well-known business groups like Oyo, L&T, P&G, MyGate, Simply-guest etc.

Edited by Saheli Sen Gupta


Updates from around the world