Latvian startup Trace.Space raises $4M in seed funding

Latvian AI startup Trace.Space has raised $4M in seed funding. German company Cherry Ventures led the round, joined by Riga-based Outlast Fund, as well as previous investors American Nebular, Austrian Fiedler and Estonian Change Ventures. 

Trace.Space is a startup founded in 2022 in Riga, Latvia, by Janis Vavere, Mikus Krams and Karlis Broders. The company's artificial intelligence-based platform created by the company is designed for engineers developing electric and autonomous vehicles, satellites, robots, semiconductors and medical devices. The platform enables manufacturers and suppliers to work together on common product requirements, thereby reducing response times.

According to Trace.Space co-founder and CEO Janis Vavere, the money received from investors will allow the platform to be further to be developed, giving European engineers a tool that let them to compete with their Asian counterparts.

Outlast Fund is a venture capital firm based in Riga, Latvia, which supports startups in Northern Europe and the Baltic States. The fund invests in B2B startups at early stages of development. The company was founded in November 2024 by Marija Rucevska, Egita Polanska, Kristaps Prusis, and Mikaela Pedersen.

Change Ventures is an Estonian venture capital fund founded in Tallinn in 2016 by Andris K. Berzins. It invests in B2B and SaaS technology startups.