Latvian SaaS startup Trace.Space has raised $1,5M

Latvian SaaS startup Trace.Space has raised $1,5M from Estonian venture fund Change Ventures, US-based venture company Tiny VC, German fund Foreword VC, Microsoft’s former GM Charlie Songhurst and other investors. The pre-seed round of investments was led by Budapest-based venture fund Fiedler Capital.

Trace.Space was launched in 2022 in Riga by Janis Vavere, Mikus Krams and Karlis Broders. The startup develops AI-enabled, API-first software for complex engineering product development, for example, for industrial and automotive product manufacturers. According to the company, with the help of Trace.Space's AI-powered tools it will be possible to manage 80% of the product development lifecycle.

Trace.Space will use the financing for team growth and launch its first version of the product, which is scheduled for the second quarter of 2023.

The first functionality of Trace.Space's product will be solutions for requirements management for engineering teams (the process of collecting, documenting, and validating requirements for the product being built). These solutions integrate GPT algorithms, which will help engineering teams document and revise requirements much faster. As a result, manufacturers can build higher-quality products and deliver them in a shorter time.

Change Ventures is an Estonian seed-stage venture capital fund that backs startups founded by Baltic entrepreneurs. The fund was established by Andris K. Berzins, Rait Ojasaar, and Yrjö Ojasaar in 2016.