Spyre VC, India’s first PropTech venture capital fund, has announced its maiden investment of ₹3.5Cr in Spintly, a prominent provider of access control and smart building solutions. This funding round also witnessed participation from leading investors such as Accel India, Chakra Growth Fund, Alumni Ventures, and Doctor Technology, reflecting strong confidence in Spintly’s innovative technologies and its potential to redefine smart spaces and smart buildings.
Spyre VC: Backing Proptech Innovation
Prior to this funding, Spintly had raised investments from notable firms including Letsventure, Riso Capital, Sucseed Indovation, and Accel Nest. As the first proptech fund in India, Spyre VC brings a robust $50 million corpus and a team with over 40 years of experience across real estate, investment, and technology sectors. The involvement of CREDAI, a prominent association representing over 15,000 real estate developers across 250 chapters in India, underscores industry trust in Spintly’s ability to transform real estate with cutting-edge IoT and AI-driven technologies.
Spyre VC’s Vision for Proptech
Abhimanyu Bisht, Operating Partner at Spyre Proptech VC, expressed excitement over this milestone, stating, “We are thrilled to announce our investment in Spintly. As our first investment, this aligns perfectly with our mission to foster innovation within the proptech space. With CREDAI as a partner, we aim to support deep-tech companies like Spintly, going beyond just monetary contributions.”
Spintly’s Future Plans
With this funding, Spintly intends to accelerate its expansion across international markets, enhance its senior management functions, and broaden the scope of its smart building solutions through advanced AI and machine learning capabilities. Currently, Spintly’s technologies are deployed across 24 million square feet of real estate, catering to more than 0.5 million users and over 500 global customers.
CEO’s Perspective
Spintly’s Co-Founder and CEO, Rohin Parkar, highlighted the strategic importance of this partnership: “Collaborating with Spyre VC and having CREDAI as a partner provides us with direct access to the real estate developers ecosystem, enabling us to expand further in India. Together, we aim to simplify and decarbonize the built world.”
Proptech Market Growth
This investment comes amidst rapid growth in the global access control and smart building markets. The global access control market, valued at USD 10.4 billion, is expected to grow at a CAGR of 7.8%, reaching USD 15.2 billion by 2029. 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%.
A Step Towards Revolutionizing Real Estate
This strategic partnership between Spyre VC and Spintly signifies a major advancement in the Indian proptech ecosystem. By leveraging AI, IoT, and other smart building technologies, the collaboration promises to enhance innovation and efficiency in the real estate sector.
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