SpruceID Analysis: $34M Raised
What is SpruceID?
SpruceID helps governments design, integrate, and operate secure identity, verification, and data exchange systems. The company also describes work on resident identity, fraud prevention, workflow modernization, and privacy-preserving data across legacy platforms. Its website says these systems serve millions of users in government programs across the United States.
Location
New York, United States
Employees
11-50
Founded
2020
Revenue
$5.3M
Product Features & Capabilities
- Credible (end-to-end solutions for verifiable digital credentials), SpruceKit (open-source libraries for integrating digital credential capabilities), Issuing Digital IDs (high assurance identity credentials), Issuing Digital Passes & Permits (digital permits and credentials), Issuing Data Supply Chain Credentials (SBOMs and machine identity credentials), In-Person Verification (verify credentials in-person), Online Verification (verify credentials online).
Pricing
- The services are currently free.
- SpruceID reserves the right to charge for certain or all services in the future.
How much SpruceID raised
1: - $34 million
April 20, 2022Lead Investor: Andreessen Horowitz, Y Combinator, Okta Ventures, and others.
Who are the founders of SpruceID
WC
Wayne Chang
Founder
GR
Gregory Rocco
Founder
Market Focus
SpruceID primarily focuses on the identity management and digital credentialing industry, providing verifiable digital credentials that enable users to control their identity and personal data across digital interactions.
Business Model
Business model focuses on decentralized identity solutions; revenue model not disclosed.
Competitors Overview
SpruceID operates in the digital credentialing and identity management market, where its main competitors include:
-
HYPR:
- Overview: HYPR specializes in identity security and passwordless authentication solutions. Their platform focuses on continuously detecting and preventing identity-related risks for both workforce and customers.
- Notable Differences/Advantages: HYPR emphasizes a passwordless experience, leveraging mobile hardware and encryption for identity verification. They offer features like liveness detection and facial recognition, which enhance security and user experience.
-
Magic:
- Overview: Magic provides a passwordless authentication solution that allows users to log in using a magic link sent to their email or phone. This approach simplifies the user experience while maintaining security.
- Notable Differences/Advantages: Magic's unique selling point is its seamless user experience, which eliminates the need for passwords entirely. This can reduce friction in user onboarding and enhance security by minimizing password-related vulnerabilities.
These competitors highlight different approaches to identity management, with HYPR focusing on comprehensive identity security and Magic prioritizing user experience through passwordless solutions.
Investors
- Andreessen Horowitz (a16z)
- Okta Ventures
- SCB 10X
- Robot Ventures
- OrangeDAO
- Ethereal Ventures
- Electric Capital
- Y Combinator
- Protocol Labs
See something that needs updating? Suggest edits to this profile.