# Spruce Systems

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/spruce-systems

- Industry: Software
- Headquarters: New York, US
- Website: www.spruceid.com/
- Total disclosed funding: $42M
- Latest round: Series A (Apr 20, 2022)
- Investors on record: 17

## About

Spruce Systems, Inc. delivers innovative solutions for verifiable digital credentials, including mobile driver's licenses and identity verification tools, enabling secure personal data management and seamless verification processes.Founded in 2020 and headquartered in New York, US, Spruce Systems, Inc. focuses on the development of digital credential technologies. The company has completed 2 deals, with its most recent funding round occurring in April 2022. This Series A round raised USD 34.00 mn from Andreessen Horowitz, along with participation from various other investors. Wayne Chang, the founder and current CEO, has been instrumental in the company's vision and development of scalable identity solutions.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. While their products are primarily marketed within the United States, the underlying technology has the potential to adapt to international standards, thereby positioning SpruceID for growth in global markets.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. The pricing model is designed to accommodate different scales of deployment, making it accessible to a range of clients from local governments to larger organizations.In April 2022, Spruce Systems, Inc. raised USD 34.00 mn in Series A funding, led by Andreessen Horowitz, to enhance its identity privacy and usability technologies. 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. The recent funding will support these initiatives, enabling the company to continue its growth trajectory within the identity verification ecosystem.

## Funding rounds

- Series A, Apr 20, 2022, $34M — Andreessen Horowitz, SV Angel, Y Combinator, A Capital Partners, Third Kind Venture Capital, SCB10X, Electric Capital, Protocol Labs, Inc., Robot Ventures, Okta Ventures, Ethereal Ventures, Gemini, Orange DAO
- Seed, Nov 2, 2021, $7.5M — SV Angel, A Capital Partners, Third Kind Venture Capital, BITKRAFT Ventures, Electric Capital, Coinbase Ventures, Protocol Labs, Inc., Future Positive, Alameda Research Ventures, Ethereal Ventures

## Investors

- SV Angel (https://capitalatlas.ai/funds/sv-angel) — Seed, Series A
- A Capital Partners (https://capitalatlas.ai/funds/a-capital-partners) — Seed, Series A
- Third Kind Venture Capital (https://capitalatlas.ai/funds/third-kind-venture-capital) — Seed, Series A
- BITKRAFT Ventures (https://capitalatlas.ai/funds/bitkraft-ventures) — Seed
- Electric Capital (https://capitalatlas.ai/funds/electric-capital) — Seed, Series A
- Coinbase Ventures (https://capitalatlas.ai/funds/coinbase-ventures) — Seed
- Protocol Labs, Inc. — Seed, Series A
- Future Positive (https://capitalatlas.ai/funds/future-positive) — Seed
- Alameda Research Ventures (https://capitalatlas.ai/funds/alameda-research-ventures) — Seed
- Ethereal Ventures (https://capitalatlas.ai/funds/ethereal-ventures) — Seed, Series A
- Andreessen Horowitz (https://capitalatlas.ai/funds/andreessen-horowitz) — Series A
- Y Combinator (https://capitalatlas.ai/funds/y-combinator) — Series A
- SCB10X (https://capitalatlas.ai/funds/scb10x) — Series A
- Robot Ventures (https://capitalatlas.ai/funds/robot-ventures) — Series A
- Okta Ventures (https://capitalatlas.ai/funds/okta-ventures) — Series A
- Gemini (https://capitalatlas.ai/funds/gemini) — Series A
- Orange DAO — Series A