Trace.Space, a maker of artificial intelligence software for engineers and as of industrial and automotive products, has announced $1.5 million in seed funding, tech.eu reports.
This is the largest investment raised by founders from the Baltics to date at the “idea project” stage.
Trace.Space’s inspiration and inception came from the team members’ experience in previous roles that involved creating and selling software to deliver complex hardware.
They know well the frustration of engineers creating modern software-based hardware products with outdated tools, making it impossible to create these products at the pace of technological progress.
Despite all the modern productivity tools, it’s no secret that engineering projects are still mostly done with outdated enterprise software with an outdated UX, monolithic architecture, and large annual licensing fees.
“The tools used by engineering teams for requirements management are outdated, inconvenient, and cumbersome. It’s a billion-dollar market that traditionally neglected because it’s invisible and unsexy, while software for later steps of product development has already advanced.”
said Janis Vavere, Trace.Space Co-Founder & CEO.
Trace.Space uses the most recent technologies to help engineering project management catch up with the modern rate of innovation.
The first product iteration is scheduled for launch in Q2 of 2023. 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 software integrates with technologies such as the GPT algorithm. This will help engineering teams to document and revise requirements 10 times faster, simplifying the onerous task and improving their engagement in requirements writing. As a result, users can expect higher quality products with shorter time to market.
Additionally, the software architecture is developed for a non-linear product development process and Trace.Space will begin by upgrading the basics, managing the requirements, and plans to do the same with the later stages of product development.