Proptech Venture Fund Spyre VC Announces ₹3.5Cr Investment in Spintly, Smart Building Solution Startup
Spyre VC, PropTech venture capital fund, has made an investment worth ₹3.5 crore in Spintly, a prominent provider of access control and smart building solutions. The funding round, which also saw participation from Accel India, Chakra Growth Fund, Alumni Ventures, and Doctor Technology, among others, demonstrates strong confidence in Spintly’s innovative technology and its vision for the future of smart buildings and spaces.
Spintly has previously raised capital from other investors like Letsventure, Riso Capital, Sucseed Indovation, and Accel Nest. With a fund corpus of $50 million, Spyre VC stands out as India’s first dedicated PropTech fund. The fund is backed by a management team with more than 40 years of collective experience across the real estate, investment, and technology sectors. Additionally, the involvement of CREDAI, India's apex body of real estate developers with over 15,000 builders across 250 chapters, further signifies the trust and industry confidence in Spintly’s ability to disrupt the real estate market with innovative technology.
Commenting on the development, Abhimanyu Bisht, Operating Partner at 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.”
With this new capital infusion, Spintly plans to accelerate its market reach, expanding its presence in various countries, and strengthen its senior management functions. The company intends to enhance its smart building solutions, leveraging AI and machine learning to offer advanced, tech-driven solutions for the built environment. Currently, Spintly has already deployed its solutions across 24 million square feet of real estate, serving more than 500,000 users and over 500 customers globally.
Spintly’s Co-Founder & CEO, Rohin Parkar, expressed his enthusiasm about the partnership, stating, “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.”
The global market for access control and smart building solutions is experiencing rapid growth, and Spintly is well-positioned to capitalize on this opportunity. The global access control market, valued at USD 10.4 billion in 2022, is expected to reach USD 15.2 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.8%. Similarly, the global smart building market is projected to grow from $78.28 billion in 2022 to $247.17 billion by 2032, at a CAGR of 12.3%.
Spyre VC’s investment in Spintly is a significant step in the evolution of the PropTech space in India. The infusion of capital, alongside the support from industry leaders like CREDAI, will allow Spintly to scale up its solutions, contributing to a transformation in the real estate sector.
This collaboration also aligns with broader global trends, where smart building solutions are gaining traction in residential, commercial, and industrial real estate markets.
