Latvian startup Trace.Space has raised €4 million in seed funding from Cherry Ventures, Outlast Fund, Nebular, Fiedler Capital, and Change Ventures to improve requirements management for complex industrial products. The company’s AI-powered platform addresses inefficiencies in traditional systems by enabling real-time collaboration between manufacturers and suppliers, aiming to reduce delays in product development. With growing challenges in hardware-software integration across industries like automotive, aerospace, and medical devices, Trace.Space plans to use the funding to enhance its technology and expand its presence, particularly in Europe and the U.S.
Trace.Space provides an AI-powered platform designed to improve the management of requirements in complex industrial product development. The platform aims to address inefficiencies in traditional systems by enabling real-time collaboration between manufacturers, suppliers, and other stakeholders. It focuses on industries that involve intricate hardware-software integration, such as automotive, aerospace, and medical devices. By replacing outdated tools, Trace.Space seeks to streamline processes and reduce delays in product development, helping engineering teams navigate the growing complexity of modern manufacturing.
The company’s co-founder and CEO, Jānis Vāvere, emphasized the goal of developing a system that improves engineering processes.
“We’re thrilled to partner with Cherry Ventures as we build the next-generation requirements management system that connects business users, suppliers, and stakeholders across the entire value chain. It is painful to see engineers at great companies struggle with outdated processes and legacy practices. Our mission is to give engineering organizations the tools to win back their market share,” said Jānis Vāvere, co-founder and CEO of Trace.Space.
Cherry Ventures, who led the investment round, sees potential in Trace.Space’s innovative approach. Cherry Ventures’ investment also marks its first in the Baltics, reflecting growing interest in the region’s deep tech startups.
“We are excited to support Trace.Space as they build from Europe for the world. Their innovative approach to modernizing requirements management aligns perfectly with our belief in backing founders who are creating category-defining solutions,” said Dinika Mahtani, Partner at Cherry Ventures.
Trace.Space’s founding team brings extensive experience in requirements management and software development. Vāvere previously worked at Jama Software and Lokalise, Karlis Broders has implemented similar platforms in the automotive sector, and Mikus Krams has scaled operations at Lokalise and Chili Piper.
The company’s platform is designed to address the growing complexity of modern industrial products, where traditional systems struggle to keep pace. With manufacturers facing increasing pressure to innovate while managing complex supply chains, Trace.Space’s solutions aim to enable faster decision-making, better compliance with regulations, and more effective communication between teams.
While this round of funding positions Trace.Space for continued growth, the company’s long-term ambition is to evolve into a comprehensive platform that could potentially influence all aspects of modern manufacturing, from design to delivery.
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Read the orginal article: https://arcticstartup.com/trace-space-raises-4m-seed/
