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Spintly, a start-up focused on smart infrastructure, receives $2m in funding

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Smart infrastructure start-up Spintly raises $2m

Cloud-based smart building solutions company, Spintly Inc, has secured a seed round of $2 million from investors including Accel, Doctor Technology, and Chakra Growth Fund. The funding will be used to drive growth in the US market, focusing on sales, marketing, and partnerships. Spintly, founded in 2018, utilizes distributed IoT architecture and edge computing technology to provide smartphone-door access.

Rohin Parkar, co-founder and CEO of Spintly, expressed the importance of this investment in expanding their product range across different market segments and accelerating growth in the smart building ecosystem. The company has garnered praise for its adaptive, scalable, and decentralized access control solutions. Accel Partner, Barath Shankar Subramanian, mentioned the positive impact Spintly has had on reducing costs and simplifying infrastructure management for businesses and individuals.

Spintly has seen a significant increase in demand for its products, with annual recurring revenue growing by 300% year-on-year in 2023 and boasting a user base of 250,000. The recent funding round comes shortly after the unveiling of 8 start-ups from Accel’s Atoms accelerator program, where Spintly was a participant. In 2022, the company raised $1.4 million in a pre-series A funding round.

Overall, Spintly’s latest funding round marks a significant milestone in their journey to revolutionize access control systems and smart building solutions. The company’s innovative approach and strong growth trajectory indicate a promising future in the physical security space.

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