Spintly secured Rs 1.9 Cr in Pre-Series A Funding round

Spintly, an IoT based startup, has now secured INR 1.9 crore in the Pre-Series A Funding round, reports BusinessWorld.

The round was backed by an early stage US angel investors and Saltwater Venture Sparks.

Spintly was founded by Malcolm Dsouza and Rohin Parkar in the year 2017. It is a wireless cloud-based access control system that allows users to control devices in their businesses and homes with their smartphones.

It also sells smart lights and other home appliances that can be connected to smartphones as well as security appliances and biometrics-based access systems for commercial and residential establishments.

Executive Opinion

Rohin Parkar and Malcolm Dsouza, Co-founders, Spintly said, "There is a greater demand for touchless alternatives by hospitals, hotels, coworking and large office spaces as organizations 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."

Spintly's Latest Funding

The funding will be used to scale up research, sales, and marketing activities to accelerate customer acquisition and market penetration, notes the report.

The startup has also secured close to INR 75 lakhs from the US-based angel investors. With a time period of one year in the market, Spintly revealed that it has expanded into major cities like Delhi, Bangalore, Goa, and Mumbai.

It has more than 2500 users and has been connected to more than 1000 doors achieving close to one lakh unlocks. The client base of Spintly includes Simply-Guest, L&T, OYO, MyGate, P&G, etc.