Systems and methods for providing spectral measurements are described. In one embodiment, a spectral measuring device comprises at least one radiation source configured to provide N (N≧2) linearly independent illuxninant sources characterized by M (M≧N) wavelength channels in a predetermined wavelength range; a sensor unit including at least one sensor, configured to be in optical communication with the radiation sources and an object; a memory storing an illuminant characterization matrix including spectral characteristics of the N illuminant sources in the M wavelength channels; and a processor configured to provide spectral responses of the object in the M wavelength channels, based at least in part on the illuminant characterization matrix. The embodiments of the invention can be used to construct a new class of compact spectral measuring devices, such as handheld color measuring devices.