In an extended seed funding round headed by Spyre VC and including Accel India, Chakra Growth Fund, Alumni Ventures, and Doctor Technology, proptech startup Spintly has raised Rs. 3.5 crore.

Prior to this, Letsventure, Riso Capital, Sucseed Indovation, and Accel Nest had contributed $5.36 million to the company.

Spintly, a company co-founded in 2017 by Rohin Parkar and Malcolm Dsouza, uses cutting-edge technology to power smart building systems and wireless, cloud-based access control solutions. It does away with the need for legacy systems by utilizing IoT, Edge AI, and smartphone-based technology to create smooth and effective user experiences. It places a strong emphasis on simplicity, scalability, and innovation.

According to a press release from Spintly, the fund raised will be used to broaden the application of the company's AI and machine learning-powered smart building solutions, strengthen senior management roles, and expand the company's market reach.

Its platform is the best option for transforming old buildings into intelligent, networked spaces because it provides SDKs and APIs for simple integration into other systems.

Based on market research, the global access control market is expected to grow at a compound annual growth rate (CAGR) of 7.8% from its current valuation of $10.4 billion to $15.2 billion by 2029. At a compound annual growth rate (CAGR) of 12.3%, the size of the global smart building market is projected to increase from $78.28 billion in 2022 to $247.17 billion by 2032.

According to Spintly, its solutions have already been implemented throughout 24 million square feet of space, catering to over 500 clients worldwide and over 0.5 million users.