Trace.Space, a Riga, Latvia-based AI-enhanced requirements management platform for industrial product development, has raised €3.8 million in seed funding.
Investors
The round was led by Cherry Ventures, marking the firm’s first investment in the Baltics. Other investors include Outlast Fund and existing backers Nebular, Fiedler Capital, and Change Ventures.
Cherry Ventures is a venture capital firm with offices in Berlin, London, and Stockholm, specializing in early-stage investments across Europe. They focus on pre-seed and seed-stage funding in B2B SaaS, AI, fintech, deep tech, and consumer tech startups.
Trace.Space Use of Funds
The company will use the funding to accelerate engineering, product development, and go-to-market efforts.
About Trace.Space
Founded in 2022 in Riga, Latvia, by Mikus Krams, Janis Vavere, and Karlis Broders, Trace.Space is an AI-powered requirements management platform for modern industrial and automotive product development. It helps teams design and build autonomous vehicles, satellites, semiconductors, medical devices, and more. Trace.Space's mission is to give engineering organizations the tools to win back their market share.
Funding Details
Company: Trace.Space, Inc.
Raised: €3.8M
Round: Seed Round
Funding Date: February 2025
Lead Investor: Cherry Ventures
Additional Investors: Outlast Fund, Nebular, Fiedler Capital, Change Ventures
Company Website: https://www.trace.space/
Software Category: AI Requirements Management
Source: https://www.eu-startups.com/2025/02/from-days-to-minutes-trace-space-raises-e3-8-million-for-requirements-management-platform/