Silicon Valley VC firm leads seed round in wireless access control startup

Indian security software-as-a-service (SaaS) startup Spintly said it raised 46 million rupees (US$615,000) in an extended seed round led by Silicon Valley-based Riso Capital.

India’s SucSEED Indovation Fund, Chicago-based Nikhand Investments, and California angel network Keiretsu Forum also participated in the round, according to a statement.

Photo credit: Spintly

Spintly provides SaaS-based physical security solutions that lets users unlock doors using their smartphones, eliminating the need for key cards and elaborate wiring for access control. The startup was mentored by Brigade Real Estate Accelerator Program, the first proptech accelerator in India.

“We will utilize these funds to boost sales, marketing and research activities in order to enhance our position as pioneers in the wireless cloud-based access control technology space,” said Spintly co-founder and CEO Rohin Parkar.

Together with co-founder Malcolm Dsouza, Parkar established Spintly in 2017. Both founders worked in the US in the wireless technology space before returning to India. The duo aimed to capitalize on the rising access control market, which Fortune Business Insights expects will reach US$20 billion by 2027 due to growing demand for cloud-based systems and the higher adoption rate of mobile access control systems.

The startup also said it has seen higher demand for its products amid the Covid-19 pandemic, as more companies turn to contactless solutions that can be managed and operated remotely.

“The future looks really promising for Spintly, as the focus of the world has shifted away from China and toward India to deliver strong products for the global markets,” it said in the statement.