Investment

Spyre VC Makes Inaugural Investment of ₹3.5 Crore in Spintly to Propel Smart Building Solutions

• ByStartupStory     |    January 6, 2025

Spyre VC, India’s first industry-backed PropTech venture capital fund, has made its debut investment of ₹3.5 crore in Spintly, a pioneering provider of access control and smart building solutions. The funding round also witnessed participation from other prominent investors, including Accel India, Chakra Growth Fund, Alumni Ventures, and Doctor Technology. Spintly, which has previously secured funding from Letsventure, Riso Capital, Sucseed Indovation, and Accel Nest, continues to attract industry attention for its innovative approach to modernizing real estate operations.

With this latest infusion of capital, Spintly plans to accelerate its global market expansion, strengthen its senior management team, and enhance the capabilities of its smart building solutions through the integration of AI and machine learning. The company has already deployed its solutions across 24 million square feet of real estate, catering to over 0.5 million users and 500+ customers worldwide. The investment aligns with the surging demand in the global access control and smart building markets, which are projected to grow at impressive CAGRs of 7.8% and 12.3%, respectively, in the coming years.

Founded with a vision to simplify and decarbonize building management, Spintly leverages IoT, Edge AI, and cloud-based technologies to offer wireless access control systems that eliminate the need for traditional infrastructure. The company’s platform provides APIs and SDKs for seamless integration with third-party systems, making it a preferred choice for modernizing building operations.

Spyre VC, led by partners Anil Jain, Murali KV, and operating partner Abhimanyu Bisht, brings over 40 years of collective expertise in real estate, investment, and technology. With a robust ₹400 crore ($50 million) fund and an additional greenshoe option of the same size, Spyre VC is committed to nurturing innovation in the proptech ecosystem. Its collaboration with CREDAI, India’s leading body of real estate developers, further enhances its capacity to drive industry transformation.

Commenting on the milestone investment, Abhimanyu Bisht, Operating Partner, Spyre Proptech VC, said:
“We are excited to announce our investment in Spintly. As our very first investment, it not only aligns perfectly with our mission to drive innovation in the proptech space but also marks a significant milestone in India’s real estate technology landscape. With CREDAI as our partner, we can really help deep-tech Proptech companies like Spintly well beyond just monetary support.”

Rohin Parkar, Co-Founder and CEO of Spintly, added: “The partnership with Spyre VC and having CREDAI as a partner would help us access the real estate developers ecosystem to expand across India. We look forward to collaborating with the real estate fraternity to achieve our vision of simplifying and decarbonizing the built world.”

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