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Spruce Systems
Spruce Systems - Reimagining Trusted Interactions
About Spruce Systems
SpruceID is a startup that provides a platform for organizations to manage digital credentials throughout their entire lifecycle. These credentials can range from mobile driver's licenses to professional certifications. The company operates in the digital identity market, serving a wide range of clients including government entities, professional organizations, and businesses that require secure digital identification for their users.
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SpruceID's primary product is SpruceKit, a tool that equips any application with comprehensive decentralized identity capabilities. This means that both the application and its users can issue, hold, and verify digital credentials. This is particularly relevant in today's digital-first world, where secure digital representation of identity is increasingly important.
One of the key features of SpruceID is its support for mobile driver's licenses (mDLs). These are digital identity credentials that are cryptographically signed and issued by governments. The adoption of mDLs is rapidly increasing worldwide, making SpruceID's services highly relevant and timely.
SpruceID operates on an open-source model, with SpruceKit and its components available under the Apache 2.0 or MIT licenses. This transparency allows anyone to see and understand how the system works, fostering trust in the platform.
In terms of its business model, while it's not explicitly stated, companies like SpruceID typically generate revenue by offering their platform and services on a subscription basis or through licensing fees.
At a glance
- Status
- Operational
- Founded
- 2020
- Headquarters
- New York City, United States
- Employees
- 35
- Open positions
- None listed
- Dealroom signal
- 86.0/100
- Industry
- Enterprise Software
- Sector
- Other B2B Software, Hard Tech, YC W21, DT and LS
- Technology
- Blockchain, Deep Tech
- Business model
- SaaS
- Client focus
- b2b
Latest news
Press, funding announcements and product moves mentioning Spruce Systems.
Funding history
Company financing events and reported valuations.
| Deal type | Date | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| SERIES A✓Equity / VC | Apr 2022 | $34M | $136M | Y Combinator · SCB10X · Robot Ventures · Orange DAO | ↗ |
| EARLY VC✓Equity / VC | Nov 2021 | $7.5M | $30M | Ethereal Ventures · A_Capital · Gemini Frontier Fund · BITKRAFT Ventures | — |
Financials
Revenue, earnings and other financial measures where available. Years marked “E” are estimates.
Growth signals
Latest recorded traffic for Spruce Systems is 11K monthly website visits, up 0% over the last three months. Spruce Systems's team grew 6.1% over the past year.
Similar companies
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Investors
From Dealroom's funding and investor records, grouped by the round each investor first entered.
Seed1 investor entered at this stage
Series A13 investors entered at this stage
Ethereal Ventures
A_Capital- GFGemini Frontier Fund
BITKRAFT Ventures
Coinbase Ventures
Protocol Labs
Electric Capital
Alameda Research
Andreessen Horowitz
SCB10X
Robot Ventures
Orange DAO- OVOkta Ventures
Other known investors5 additional known investors
515 Ventures
a16z crypto
Brighter Capital
Endless Frontier Labs
Malte Barth
Source: Dealroom Talent Intelligence.
Global footprint
team presence
Market sentiment
An AI-synthesised read of the highest-engagement posts about Spruce Systems on X, ranked by likes and reposts, corporate channels excluded.
Reading the room on X — pulling top posts and synthesizing themes…
Source: X recent search ranked by engagement (likes + retweets) · Synthesis by Claude · Cached for 1 hour
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