SpruceID
SpruceID is an open-source, decentralized digital identity credentialing and verification platform.
Website: https://spruceid.com/
HQ: New York, New York, United States
Active Markets: Global
Problem Addressed
Current centralized digital identity systems pose risks of privacy invasion, data leakage, and single points of failure for bad actors to access private data through a single breach. These centralized repositories of information are targets for exploitive business models and for illegal operations alike. Additionally, with the growth of AI technologies, falsifying identification has become easier, more convincing, and more affordable than ever before.
Project Description
SpruceID addresses challenges in digital identity issuance and management using decentralized blockchain infrastructure. Ownership and control of personal data is shifted to the individuals generating them. Using smart contracts and blockchain node storage, data is stored over disparate locations and accessed only under specific and immutable conditions determined by users. Spruce’s SpruceKit offering is a decentralized identity toolkit for web developers to integrate key-based session authentication, encryption and decryption, verifiable credentialing, private storage, and decentralized key management into their applications. Spruce’s “Credible” product facilitates credential issuance, wallet creation, and verification tools for organizations moving towards digital identity. Credible’s value proposition includes security features designed to address AI manipulation.
Progress to date
As of August 2023 SpruceID was working with the American Association of Motor Vehicles, the Australian government transport agency, the US National Institute of Standards and Technology, Google, Panasonic, Samsung, and Okta on test runs of mobile driver’s license interoperability and digital identity standardization. In 2023, SpruceID served the the State of California DMV’s technology partner for the launch of their mobile driver’s license (mDL). TSA announced in October 2023 they would begin accepting the new CA mDLs in lieu of physical photo ID.
Business Data
Status: Active
Constituency Served: General public
Networks: Ethereum, Polygon, Tezos, Solana, Ceramic, Celo
Known Investors: Electric Capital, a16z, Y Combinator, EV, okta Ventures, a_capital, BITKRAFT Ventures, SCB 1OX, Coinbase Ventures, Gemini Frontier Fund, Techstars, SVA, Orange DAO, Third Kind Venture Capital, Protocol Labs, Robot Ventures, Ethereal Ventures, Jaynti Kanani, Future Positive, Yun-Fang Juan, Jutta Steiner, Lily Liu, Joseph Eagan, Benedict Chan, Maya Zehavi, Ken Ng
Business Model
Revenue model not disclosed.