Trace.Space Secures $4M to Enhance AI-Driven Manufacturing

Trace.Space, an AI-powered requirements management platform based in Riga, Latvia, has raised $4 million in seed funding led by Cherry Ventures, with participation from several other investors. The funding aims to enhance engineering and product development for complex industrial products, such as electric vehicles and medical devices, addressing inefficiencies caused by outdated legacy systems. Co-founder Janis Vavere emphasized the platform's goal to streamline collaboration among engineers, suppliers, and stakeholders, enabling more efficient workflows in a rapidly evolving manufacturing landscape. The investment marks Cherry Ventures' first major foray into the Baltics, reflecting growing interest in innovative solutions for modern manufacturing challenges. As Western manufacturing faces increasing pressure from Asian competitors, Trace.Space's cloud-based approach seeks to provide the necessary tools to compete effectively. The platform's capabilities include automated traceability and compliance tracking, positioning it as a critical resource for companies navigating complex product lifecycles.