Latvia-based Trace.Space, a SaaS startup building AI-powered tools for engineering product development, announced that it has raised €1.3M in a Pre-Seed round of funding led by Fiedler Capital.
Nebular, Tiny VC, Foreword VC, Microsoft’s former GM Charlie Songhurst, and Change Ventures also participated in the round.
The latest capital round marks the largest ideation stage investment raised by Baltic founders.
Unlike modern productivity tools like Slack or Figma, Trace.Space says real-world engineering projects run primarily on outdated enterprise software with obsolete UX, monolithic architecture, and expensive annual license fees.
Founded by Janis Vavere, Mikus Krams, and Karlis Broders in 2022, Trace.Space has built AI-powered API-first software for complex engineering product development.
The software enables industrial and automotive product manufacturers with AI-powered tools for managing 80 percent of the product development lifecycle.
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.
Trace.Space reveals that the requirements management solution comes with GPT algorithm integration, which will help engineering teams document and revise requirements 10x faster.
As a result, consumers can expect higher-quality products with shorter time-to-market, claims the company.
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