[Funding alert] Security startup Spintly raises Rs 4.6Cr from Riso Capital, others

Software-as-a-Service (SaaS)-based physical security startup Spintly on Thursday said it raised Rs 4.6 crore in an extended seed funding round led by Silicon Valley-based Riso Capital, along with SucSEED Indovation Fund from Hyderabad, Chicago-based Nikhand Investments LLC, and Keiretsu Forum Angel Network, a statement said.

Spintly provides SaaS-based physical security solutions that enable frictionless smartphone-based door access, eliminating the need for key cards and elaborate wiring for access control. Brigade REAP, a prop-tech accelerator, mentored Spintly.

Speaking about the new development, 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. 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."

ALSO READ

[Funding alert] TReDS platform M1xchange raises $10M funding from Amazon, others

According to Parkar, the SaaS startup will use the 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 at Riso Capital.

“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 it," said Vikrant Varshney, Managing Partner of SucSEED Indovation Fund.

(Disclaimer: Additional background information has been added to this PTI copy for context)