Spintly Secures $2 Million in Funding to Propel Expansion in Smart Building Security

• ByStartupStory     |    April 20, 2024

In a dynamic move to fortify its position in the burgeoning smart building security sector, Spintly Inc. has successfully concluded its extended seed round, amassing a substantial $2 million in funding from prominent investors Accel, Doctor Technology, and the Chakra Growth Fund.

The infusion of capital marks a pivotal juncture for Spintly, a leading provider of cloud-based smart building solutions specializing in physical security. Building upon its prior achievement of securing $1.4 million in 2022, this latest financial boost underscores the company’s unwavering commitment to innovation and expansion within the United States market.

Strategic Focus on Growth

With a strategic vision aimed at fortifying its sales, marketing, and partnership endeavors, Spintly is poised to harness the newfound investment to propel its growth trajectory to unprecedented heights. Rohin Parkar, Co-Founder and CEO of Spintly, affirmed the significance of this milestone, stating, “This infusion of funds is a crucial step forward, enabling us to scale our operations more effectively and broaden our product range across different market segments.”

Revolutionizing Access Control

Founded in 2018 by industry visionaries Rohin Parkar and Malcolm Dsouza, Spintly has emerged as a trailblazer in the realm of smart building solutions. The company’s flagship offering—an intuitive, fully wireless, smartphone-based physical access control system—has garnered widespread acclaim for its seamless integration and unparalleled security features.

Seizing Opportunities in a Rapidly Evolving Landscape

The global smart building market stands poised for exponential growth, projected to soar to a staggering $450 billion by 2030. Fuelled by the pervasive adoption of cutting-edge technologies such as business information modeling (BIM), artificial intelligence (AI), Internet of Things (IoT), virtual reality (VR), cloud computing, and data analytics, the industry landscape is ripe with opportunities for innovative disruptors like Spintly.

Post-Pandemic Surge in Demand

In the wake of the COVID-19 pandemic, the imperative for digitization of physical infrastructure has become increasingly pronounced. Spintly has emerged as a frontrunner in meeting this burgeoning demand, evidenced by a substantial uptick in inquiries for its products. Bolstered by a rapidly expanding user base, boasting over 250,000 individuals, Spintly witnessed a remarkable 300 percent year-on-year growth in annual recurring revenue (ARR) in 2023, underscoring the company’s meteoric rise to prominence.

Looking Ahead

As Spintly embarks on its next phase of expansion fueled by the influx of capital, the company remains steadfast in its commitment to driving innovation, enhancing security, and redefining the future of smart building solutions. With a steadfast focus on customer-centricity and technological prowess, Spintly is poised to cement its position as a frontrunner in the dynamic landscape of smart building security.

About Spintly Inc.:

Spintly Inc. is a leading provider of cloud-based smart building solutions specializing in physical security. Founded in 2018, the company offers a frictionless, fully wireless, smartphone-based access control system for commercial and residential buildings. With a relentless focus on innovation and customer satisfaction, Spintly is dedicated to revolutionizing the way we approach building security in the digital age.

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