While public equities rely on real-time order books and continuous pricing, private markets historically operated around periodic valuations, manual capitalization spreadsheets, and fragmented audit documentation. As companies stay private longer and institutional capital demands greater transparency, the administrative and accounting burden of maintaining defensible valuations multiplies.
Founded by CEO Derek Manuge, 409.AI (Spruce Software Inc.) was built to modernize that infrastructure. The platform provides a technology-led operating layer designed to streamline 409A valuations, ASC 718 equity compensation accounting, and ASC 820 portfolio valuations across private companies and investment vehicles.
Three Steps in One Workflow
| Integrate | Value | Document |
|---|---|---|
| Cap table synchronization and round history to eliminate manual data entry. | Automated 409A, ASC 718, and ASC 820 models reviewed by valuation specialists. | Audit-ready documentation, Level 3 fair-value memos, and compliance trails. |
Why it matters: Sourcing across a wider map only creates durable value when the underlying securities can be accurately priced and audited. Platforms like 409.AI turn opaque private equity records into verifiable, institutional data.
That is the throughline connecting this company to the rest of the issue. A wider sourcing map raises the number of opportunities an investor sees; it does nothing to the documentation burden that follows a decision. The infrastructure that prices and audits a private position is what turns a sourcing advantage into something an allocator can actually hold and report.
Spruce Software Inc. (dba 409.AI) was reported as a Connetic Venture Capital Access Fund (VCAFX) portfolio holding as of the Fund’s Schedule of Investments as of July 31, 2026. The company is discussed here for informational and educational purposes to illustrate the private-market infrastructure theme, not as an investment recommendation, endorsement, or indication of Fund or company performance. Operating figures and service descriptions are company-reported and have not been independently verified by Connetic. Fund holdings are subject to change.
This page is educational and is not investment advice, an offer to sell, or a solicitation to buy any security. It does not recommend any investment, manager, or structure, and nothing in it is a forecast of any market or an indication of future results.
- 409.AI website and About page, accessed September 9, 2026, https://www.409.ai/. Product descriptions are company-provided and have not been independently verified by Connetic. Spruce Software Inc. (dba 409.AI) holding status was checked against public records and internal portfolio records reviewed September 9, 2026.
VCAFX is a closed-end interval fund designed for long-term investors. It is not a liquid investment. See the important Fund disclosures below and read the prospectus carefully before investing.