Riga-founded startup Trace.Space, which develops a platform to assist engineers in creating industrial products, has secured $4 million in a seed funding round to further develop its platform. The investment was led by Cherry Ventures, with support from Change Ventures.
- Founded in 2023 by Mik Krams, Janis Vavere, and Karlis Broders, Trace.Space is an AI-powered platform built in Latvia to help engineers manage product requirements for complex industrial products like electric vehicles, satellites, and medical devices, with a clear focus on the US market.
- The platform enables real-time collaboration, smooth workflows, and flexible traceability in the cloud. Using AI, it simplifies tasks like data imports, search, and requirement validation, while also offering strong security and an API for customization, helping teams reduce errors and boost efficiency.
Details of the deal
- The seed round was led by Cherry Ventures, a Berlin-based VC firm backing European tech founders tackling major challenges. The firm recently raised $500 million for its fifth fund, aiming to help build Europe’s first trillion-dollar company.
"This marks Cherry's first investment in the Baltics - backing a team building the foundation for how complex products will be developed for decades to come. I am delighted to be working with Janis Vavere Mik Krams Karlis Broders and cannot wait to see the impact they will have on modern manufacturing," Dimitri Sedashev, Investor at Cherry Ventures, commented.
- The round also saw participation from Outlast Fund, along with existing investors Nebular, Fiedler, and Change Ventures.
- Trace.Space will use the $4 million in seed funding to enhance its AI-driven platform, improve cloud-based features, and expand collaboration and traceability tools. The funds will also support AI advancements, security improvements, and team growth.
