Latvian startup Trace.Space raises ＄1.5M for AI industrial software
Latvia-based startup Trace.Space has raised $1.5 million in a pre-seed round of funding led by Fiedler Capital. The startup is building AI-powered tools for engineering product development, Silicon Canals reports.
- Founded in 2022 by Janis Vavere, Mikus Krams, and Karlis Broders, Trace.Space is a SaaS company building AI-powered API-first software for complex engineering product development. The software allows industrial product manufacturers to manage 80% of the product development lifecycle.
“The tools used by engineering teams for requirements management are outdated, inconvenient, and cumbersome. It’s a billion-dollar market that traditionally neglected because it’s invisible and unsexy, while software for later steps of product development has already advanced,”Janis Vavere, Trace.Space co-founder and CEO, explains.
- The majority of the funding came from Fiedler Capital, a Budapest-based venture capital firm. It invests around €50,000 — €750,000 in pre-seed and early-seed startups with a focus on the agnostic sector.
- Other funds like Nebular, Tiny VC, Foreword VC, Microsoft’s former GM Charlie Songhurst, and Change Ventures also participated in the round.
“The Trace.Space team has taken one of the most exciting new technologies that will change the world, AI, and is building a tool for the hidden world of the engineers creating our future. I couldn’t be more excited to invest in them,”Robert Hegedues of Fiedler Capital comments.
- With the fresh funding, Trace.Space will be able to debut its first product iteration launch in Q2, 2023.