Trace.Space, an AI-enhanced requirements management platform for engineers developing industrial products, today announced a $4 million seed investment led by Cherry Ventures, with Outlast Fund and existing investors Nebular, Fiedler Capital, and Change Ventures also participating.
This funding will be used to enhance engineering, product development and go-to-market efforts in Europe. Trace.Space helps businesses design and build the increasingly complex software-enabled hardware products of the future, such as electric and autonomous vehicles, satellites, robots, semiconductors and medical devices.
Recent data indicates fluctuations in industrial production across Europe. For instance, in November 2024, the European Union's manufacturing production decreased by 1.80 percent compared to the same month in the previous year.
The European manufacturing sector encompasses a wide range of activities, from small-scale enterprises using traditional production techniques to large enterprises manufacturing complex products like aircraft. This diversity leads to varying production speeds and complexities.
"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," said Janis Vavere, Co-Founder and CEO of Trace.Space.
"It is painful to see engineers at great companies struggle with outdated processes and legacy practices.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 platform has centralized workspaces where manufacturers and suppliers can work together on shared product requirements.
"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," said Dinika Mahtani, Partner at Cherry Ventures.
"Their innovative approach to modernizing requirements management aligns perfectly with our belief in backing founders who are creating category-defining solutions."
Photo by ThisisEngineering on Unsplash
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