Spruce Systems
Latest round
- Series A
Last raised
- Apr 2022
Total raised
- $42M
Investors
- 17
About Spruce Systems
Spruce Systems, Inc.Founded in 2020 and headquartered in New York, US, Spruce Systems, Inc. focuses on the development of digital credential technologies.SpruceID specializes in providing end-to-end solutions for verifiable digital credentials, notably including mobile driver's licenses, digital passes, permits, and various other identity credentials. Their flagship offering, the Credible platform, enables the issuance and verification of such credentials using open standards and secure digital credential protocols. This technology facilitates both in-person and online verification processes, empowering users to maintain control over their personal data while ensuring it is shared only when necessary. The company serves various sectors, particularly government agencies and organizations requiring robust identity verification, with notable clients such as the State of California DMV, which utilizes SpruceID's solutions to provide digitally-capable mobile driver's licenses.SpruceID generates revenue through a combination of partnerships and service agreements with governmental and organizational clients. The company’s business model revolves around the issuance of digital credentials, where clients subscribe to utilize SpruceID's technology for credential management and verification. These transactions commonly involve contracts that outline the provision of services, including the deployment of their Credible platform and support from the SpruceKit libraries for mobile wallet applications. Revenue is structured around these service agreements, where clients pay for the implementation and ongoing usage of SpruceID's digital credential solutions, such as mobile driver's licenses and other identity verifications.In April 2022, Spruce Systems, Inc. The company plans to expand its product team to support the development of upcoming solutions and enhance its position in the market. Additionally, SpruceID aims to enter international markets, leveraging its technologies to adapt to global standards.
Who invested in Spruce Systems
17 investors across 2 rounds
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Questions about Spruce Systems
Who invested in Spruce Systems?
Spruce Systems has 17 investors on record across 2 venture rounds. Sign up free to see every VC on the cap table and the rounds they joined.
How much funding has Spruce Systems raised?
Spruce Systems has raised 2 venture rounds. Sign up free to see how much each round raised and the total.
When did Spruce Systems last raise money?
Spruce Systems's most recent round on record is a Series A, in Apr 2022.
What does Spruce Systems do?
Spruce Systems is a software company.
Where is Spruce Systems headquartered?
Spruce Systems is headquartered in New York, US.
Which VCs invest in companies like Spruce Systems?
Among active investors with capital left to deploy, Andreessen Horowitz, Founders Fund, Accel and Thrive Capital back software companies at Spruce Systems's stage. Their profiles are linked below.
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