Spintly, an IoT tech business, receives $2.5 million in pre-Series A financing headed by LetsVenture and others

• ByStartupStory     |    November 10, 2022

Spintly, SaaS-based physical access management, and smart buildings firm, has secured $2.5 million in pre-Series A investment. Lets Venture, Accel Nest, SucSEED Indovation, RiSo Capital, Defang Technology, 91 Ventures, Kyto Technology and Life, and a few more significant angel investors and groups participated in the round, including Dheeraj Pandey, Co-founder, and CEO of DevRev and former Founder and CEO of Nutanix.

Spintly will utilize the cash to focus on its worldwide market expansion, especially in the United States, and to expand its R&D skills. The business has so far raised $3.5 million. Spintly, founded in 2018 by Rohin Parkar and Malcolm Dsouza, released its first items in early 2020. It provides business and residential properties with a frictionless, wireless, smartphone-based physical access control system. Because of the increasing need for contactless and cloud-based solutions during the pandemic, the usage of Spintly products grew. Co-working spaces, managed commercial office spaces, and small to medium-sized businesses use its products. According to the company, revenue has increased by 500% in 2022 compared to 2021, and the platform has over 100,000 members.

Follow Startup Story