Spyre VC Invests ₹3.5Cr in PropTech Leader Spintly

Spyre VC, India's first industry backed PropTech venture capital fund, has made an investment worth ₹3.5Cr in Spintly, a leading provider of access control and smart building solutions. The funding round, which saw participation from Accel India, Chakra Growth Fund, Alumni Ventures, and Doctor Technology, amongst others, highlights the strong confidence in Spintly’s market-leading technology and strategic vision for smart buildings and smart spaces.

Previously Spintly has raised capital from investors like Letsventure, Riso Capital, Sucseed Indovation, and Accel Nest. With its robust corpus of $50 million and a management team with over 40 years of collective experience in real estate, investment, and technology sectors, Spyre VC is uniquely positioned as the first proptech fund in India. The involvement of CREDAI, India's leading body of real estate developers with over 15,000 builders from 250 chapters, signifies strong industry faith in Spintly's potential to transform the real estate sector through modern technology leveraging IoT and AI.

Commenting on the development, Abhimanyu Bisht, Operating Partner, 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, Spintly plans to accelerate its market reach, increase its presence in different countries, strengthen senior management functions, and expand the scope of its smart building solutions by leveraging AI and machine learning. The company has already deployed it’s solutions across 24 million square feet of real estate which serves more than 0.5 million users and 500+ customers globally.

Spintly’s Co- Founder & CEO, Rohin Parkar, stated, “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 investment comes at a time of rapid growth in the global access control and smart building markets. The global access control market, currently valued at USD 10.4 billion, is projected to reach USD 15.2 billion by 2029, growing at a CAGR of 7.8%. Meanwhile, the global smart building market size is expected to grow from $78.28 billion in 2022 to $247.17 billion by 2032, at a CAGR of 12.3%.

This strategic investment by Spyre VC in Spintly represents a significant step forward in the proptech revolution in India, promising to drive innovation and efficiency in the real estate sector through cutting-edge technology solutions.