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technology-based products in India. The world is moving towards a keyless future where one will no longer carry a key around to unlock doors. It will be done using one of our personal devices such as a smartphone or a smartwatch as a Key. The Spintly platform is built to accelerate the transition to this keyless future. Spintly believes that their Access Control as a Service (ACaaS) platform has a huge potential to enable use cases in smart buildings, as smart buildings move towards wireless infrastructure. Spintly represents a breed of Indian startups which focus on deep-tech and have a potential to disrupt global ecosystems. The Access Control market is currently a $70B market expected to reach $84B by 2023. Out of the $70B market $42B is the SaaS component of the
The team at Spintly
market which is a huge shift in this hardware centric world of physical security. As per a report from IPVM SaaS based physical security startups raised a total of $300M in 2020. Srikanth Rajan from Keiretsu Forum Chennai said, “Touchless authentication and access control is a big need of the post-Covid world. Spintly’s technology has applicability across all geographic markets, and
in several verticals with additional potential from a future data play. We are coinvesting in Spintly along with RiSo Capital because we believe that between RiSo’s footprint in the US and ours in India, we can help Spintly rapidly grow its success in global markets.” COVID-19 has had a profound impact on the industry including the Spintly business. After an initial slowdown during the
lockdown phase, the demand for Spintly products has increased steadily due to the need for contactless solutions which can be managed and operated remotely. Spintly has been quick to seized this opportunity and has expanded rapidly. The future looks really promising for Spintly as the focus of the world has shifted away from China and towards India to deliver strong products for the global markets
MAY 2021 | BUSINESS GOA INDUSTRY DOSSIER | 27
