Trace.Space funding news – Riga-based Trace.Space Secures €3.8 Million in Seed Funding

The funding round was led by Cherry Ventures, with additional support from Outlast Fund and existing investors Nebular, Fiedler Capital, and Change Ventures.

Janis Vavere, Co-founder and CEO of Trace.Space said, “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and stakeholders across the entire value chain, It is painful to see engineers at great companies struggle with outdated processes and legacy practices.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.”

The Trace.Space founding team has strong experience in the requirements management field. Janis Vavere led sales at Jama Software and Lokalise; Karlis Broders has technical skills from working on large projects in automotive, government, and transportation; and Mikus Krams has operations experience from Lokalise and Chili Piper.

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It is an AI-driven platform that helps manage product requirements in modern industrial and automotive development. It focuses on improving collaboration, automating tasks, and tracking compliance to change how companies manage complex product processes.

Traditional requirements management tools are based on old systems that can't keep up with the growing needs of modern businesses. Although some older providers have added AI and automation, they are still limited by outdated technology.

It stands out because it helps companies collaborate better. Their platform offers centralised workspaces where manufacturers and suppliers can work together on shared product requirements, cutting response times from days to minutes.

Dinika Mahtani, Partner at Cherry Ventures said, “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,”“Their innovative approach to modernizing requirements management aligns perfectly with our belief in backing founders who are creating category-defining solutions.“

About Trace.Space

Trace.Space is an AI-powered platform that simplifies creating complex hardware specifications and cuts R&D costs in half. It offers an easy-to-use interface with strong traceability, custom versioning, item-level details, and the flexibility to fit into different workflows.