Riga-based Trace.Space, an AI-enhanced requirements management platform for engineers developing industrial products, today announced a €3.8 million Seed investment to fuel engineering, product development and go-to-market efforts.
The funding round was led by Cherry Ventures, with Outlast Fund and existing investors Nebular, Fiedler Capital, and Change Ventures also participating.
“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,” said Janis Vavere, Co-founder and CEO of Trace.Space. “It is painful to see engineers at great companies struggle with outdated processes and legacy practices.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.”
Founded in 2022 by Mikus Krams, Janis Vavere, and Karlis Broders, Trace.Space aims to redefine the way businesses design and build the increasingly complex software-enabled hardware products of the future, such as electric and autonomous vehicles, satellites, robots, semiconductors and medical devices.
The founding team of Trace.Space brings industry expertise and a proven track record in the requirements management domain. Janis Vavere was a sales leader at Jama Software and Lokalise; Karlis Broders has technical expertise implementing Jama and Polarion in large-scale projects in automotive, government, and transportation; and Mikus Krams brings his operations expertise from Lokalise and Chili Piper.
Trace.Space is an AI-powered requirements management platform designed for modern-day industrial and automotive product development. By enabling seamless collaboration, automation, and compliance tracking, Trace.Space is looks to innovate how companies manage complex product lifecycles.
Traditional requirements management solutions are built on “outdated” infrastructure and user experiences that struggle to meet the growing scale and complexity of today’s enterprise needs. While some legacy providers have introduced AI and automation features, they remain constrained by aged infrastructure.
Trace.Space argues that one of their key differentiators is their ability to foster collaboration across companies. The platform introduces centralised workspaces where manufacturers and suppliers can work together on shared product requirements, reducing response times from “days to minutes“.
“This is Cherry Ventures’ first investment in the Baltics, and we are excited to support Trace.Space as they build from Europe for the world,” said Dinika Mahtani, Partner at Cherry Ventures. “Their innovative approach to modernizing requirements management aligns perfectly with our belief in backing founders who are creating category-defining solutions.“
