Proptech startup Spintly raises Rs 3.5 crore in an extended seed funding round

Proptech startup Spintly has raised Rs 3.5 crore in an extended seed funding round led by Spyre VC, with participation from Accel India, Chakra Growth Fund, Alumni Ventures and Doctor Technology.

The Goa-based startup, which previously raised $5.36 million from investors such as Letsventure, Riso Capital, Sucseed Indovation and Accel Nest, plans to use the latest infusion of capital to expand its market reach, enter new countries, bolster its senior management team and develop smart building solutions powered by AI and machine learning.

Spyre VC’s investment comes with backing from CREDAI, a prominent real estate developers’ body that includes more than 15,000 builders from 250 chapters. Spyre VC, which focuses on proptech innovations, holds a $50 million corpus and sees Spintly’s technology as a transformative force in real estate.

Commenting on the investment, Spyre Proptech VC Operating Partner Abhimanyu Bisht said the fund’s goal is to accelerate innovation in the sector by providing not just funding but also access to industry networks and insights. 

What does Spintly do?

Founded in 2017 by entrepreneurs Rohin Parkar and Malcolm Dsouza, Spintly specializes in wireless, cloud-based access control solutions that replace traditional hardware-heavy setups. Its systems integrate seamlessly with clients’ property management software, offering APIs and SDKs for easy adoption.

By harnessing IoT, edge AI and smartphone-based features, the startup aims to modernize real estate properties into intelligent, connected spaces. Spintly’s clients already span 24 million square feet of real estate worldwide, serving half a million users and more than 500 customers.

Market landscape

The new funding arrives during a period of significant expansion in the proptech sector. According to market reports, the global access control market could rise from its current value of $10.4 billion to $15.2 billion by 2029, growing at a compound annual rate of 7.8%.

Meanwhile, the global smart building market is projected to jump from $78.28 billion in 2022 to $247.17 billion by 2032, at a 12.3% CAGR. Spintly hopes to capitalize on these trends by speeding up deployment of its technology, streamlining building operations and reducing energy consumption. 

With CREDAI’s network supporting it, Spintly intends to deepen its presence in India and expand overseas. Parkar, Spintly’s co-founder and CEO, said the strategic association with Spyre VC and CREDAI would help the company bring its smart building solutions to a wider audience.

He added that Spintly’s ultimate goal is to simplify and decarbonize buildings, a mission made more feasible by the ongoing shift toward greener, tech-driven real estate practices.