Spruce startup raised $34 million led by a16z

With the investments, the project will continue research in the field of advanced privacy and usability technologies for identities

21.04.2022 - 11:20

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What’s new? Spruce, a startup for creating decentralized identity tools, has raised $34 million in a Series A funding round. The funding was led by venture capital fund a16z. Robot Ventures, Okta Ventures, OrangeDAO, and SCB 10X also became participants in the round, according to Spruce’s blog.

Spruce’s blog

What will the funds be used for? With the investments, Spruce will continue its research in the field of advanced privacy and usability technologies for identities. The funding will also be used to expand the development team and develop partnerships within the project ecosystem.

What is known about Spruce? It is a startup that has developed tools for decentralized identity. The products of the project are SpruceID and Kepler. These tools provide authentication, data authentication, and storage, providing decentralized access control and interoperability between Web 2.0 and Web 3.0 APIs. Spruce was launched in 2020.

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