In an era of modern productivity tools like Slack, Miro, and Figma, real-world engineering projects are still primarily running on outdated enterprise software with outdated UX, monolithic architecture, and hefty annual licence fees.
A Riga-based SaaS company Trace.Space aims to change this with the latest technologies to help engineering project management catch up with the rate of innovation.
To make this happen, Trace.Space raised $1.5M in a pre-seed funding round led by Fiedler Capital, with participation from Nebular, Tiny VC (also backed ImVitro and Lawhive) Foreword VC, Microsoft’s former GM Charlie Songhurst, and Change Ventures.
The Latvian company will use the proceeds to grow the team and launch its first iteration of the product.
Help engineers develop complex products 10x faster
Founded in 2022 by Janis Vavere, Mikus Krams, and Karlis Broders, Trace.Space has developed an AI-enabled, API-first software for complex engineering product development.
The company’s solution provides industrial and automotive product manufacturers with AI-powered tools for managing 80% of the product development lifecycle, helping them build and deliver new products to the market faster.
The first iteration of the product is scheduled for launch in Q2 of 2023.
According to the company, the first functionality to be made available to users will be requirements management for engineering teams – the process of collecting, documenting, and validating requirements for the product being built.
Trace.Space’s requirements management solution integrates the leading technologies, such as the GPT algorithm, from the start.
As a result, it will help engineering teams document and revise requirements 10x faster, simplifying the burdening task and improving their engagement in requirements authoring.
Furthermore, Trace.Space’s software architecture is designed for a non-linear product development process and allows users to generate an infinite number of product variations using AI algorithms.
Janis Vavere, Trace Space Co-Founder & CEO said, “The tools used by engineering teams for requirements management are outdated, inconvenient, and cumbersome. It’s a billion-dollar market that has been neglected because it’s invisible and unsexy, while software for later steps of product development has already advanced. Trace.Space will start with modernizing the basics, requirements management, and eventually, plans to do the same with further steps of product development.”
Robert Hegedues, Fiedler Capital said, “We all take for granted the world built around us. The planes you fly on. The cars you drive. The phone you’re probably reading this on. The Trace.Space team has taken one of the most exciting new technologies that will change the world, AI, and is building a tool for the hidden world of the engineers creating our future. I couldn’t be more excited to invest in them.”
