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Aiming to accelerate product design with AI, Trace.Space raises a seed round | TechCrunch

Feb 06, 2025 - techcrunch.com
Modern product engineering is evolving with the integration of highly accurate digital simulations and AI-driven platforms, allowing for faster and more efficient prototype development. While legacy software from companies like IBM and Dassault has been prevalent, startups such as Trace.Space from Riga, Latvia, are entering the field with innovative solutions. Trace.Space focuses on cloud-based, AI-driven tools for developing complex products like electric vehicles, satellites, and medical devices, addressing the limitations of traditional on-premise systems. The platform facilitates collaboration between manufacturers and suppliers, reducing response times and enhancing product development processes.

Trace.Space, co-founded by Janis Vavere, Mikus Krams, and Karlis Broders, recently secured $4 million in seed funding led by Cherry Ventures. The company leverages AI models like Llama and OpenAI’s LLM to offer advanced engineering solutions. Vavere, with experience at Jama Software and Lokalise, emphasizes the need for modern software architectures combined with AI to meet the growing complexity of regulated products in industries such as automotive and aerospace. The startup aims to provide a superior alternative to outdated legacy tools, positioning itself as a key player in the competitive landscape of product engineering.

Key takeaways:

  • Trace.Space is a startup from Riga, Latvia, offering an AI-driven platform for developing industrial products, particularly in sectors like automotive, aerospace, and medical devices.
  • The platform uses modern cloud computing and AI models to improve collaboration and reduce response times in product development.
  • Trace.Space recently raised $4 million in seed funding, led by Cherry Ventures, with participation from Outlast Fund and other investors.
  • Mike Butcher, Editor-at-large of TechCrunch, is a prominent figure in European technology journalism and has been recognized for his contributions to the industry.
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