Trace.Space, Riga, Latvia-based SaaS startup building AI-powered tools for engineering product development, raised $1.5 million in pre-seed funding.
The round was led by Fiedler Capital, with participation from Nebular, Tiny VC, Foreword VC, Microsoft’s former GM Charlie Songhurst, and Change Ventures.
The company will use the proceeds to grow the team and launch its first iteration of the product.
Trace.Space plans to debut its first product iteration launch in Q2, 2023. It will come with requirements management for engineering teams – the process of collecting, documenting, and validating requirements for the product being built.
Its solution provides industrial and automotive product manufacturers with AI-powered tools for managing 80% of the product development lifecycle, helping them build and deliver new products to the market faster.
Janis Vavere, Trace Space co-founder and CEO, said, “The tools used by engineering teams for requirements management are outdated, inconvenient, and cumbersome. It’s a billion-dollar market that has been neglected because it’s invisible and unsexy, while software for later steps of product development has already advanced. Trace.Space will start with modernizing the basics, requirements management, and eventually plans to do the same with further steps of product development.”
The company reveals that the requirements management solution comes with GPT algorithm integration, which will help engineering teams document and revise requirements 10x faster.
Furthermore, Trace.Space’s software architecture is designed for a non-linear product development process and allows users to generate an infinite number of product variations using AI algorithms.
Company: Trace.Space
Raised: $1.5M
Round: pre-Seed Round
Funding Month: February 2023
Lead Investors: Fiedler Capital
Additional Investors: Nebular, Tiny VC, Foreword VC, Microsoft’s former GM Charlie Songhurst, and Change Ventures
Company Website: https://trace.space/
Software Category: AI Industrial Software
About the Company: Founded in 2022 by Janis Vavere, Mikus Krams, and Karlis Broders, Trace.Space is a collaborative product development tool serving teams building the most innovative and complex integrated hardware + software systems. It has developed an AI-enabled, API-first software for complex engineering product development. Trace.Space’s requirements management solution integrates the leading technologies, such as the GPT algorithm, from the start. It will help engineering teams document and revise requirements 10x faster, simplifying the burdening task and improving their engagement in requirements authoring.
Source: https://techfundingnews.com/this-latvian-saas-pulls-in-1-5m-to-enable-engineers-develop-complex-products-10x-faster/