Modern product engineering relies on highly accurate digital simulations to allow engineers to create prototypes and better understand the performance of materials. Currently, companies like IBM, Dassault and others are deploying legacy software platforms. But now, startups are entering the market, powered by generative artificial intelligence.
An example is Trace.Spaceis a product of Riga, Latvia. This AI-driven platform was designed for engineers who want to develop industrial products.
Western manufacturing is under pressure to compete with its fast-paced Asian competitors. The race is on to create these platforms to accelerate product development. We have seen the recent appearance of Luminary as well as Dessia Technologies () also has a platform for automating engineering processes using AI.
Trace.Space was designed specifically for the development of electric and self-driving vehicles, satellites and robots, semiconductors and medical devices. Trace.Space is a modern cloud computing solution that replaces traditional solutions. It can also enable manufacturers and suppliers to work together on product requirements, reducing response time.
Janis Vasvere, cofounder and CEO of Trace.Space told TechCrunch that: “Every company that builds complex regulated product in automotive, medical and aerospace faces the challenge that these products become more and more complicated, especially in design. Legacy tools and processes are in trouble. IBM’s tools were designed for this in the late 1980s. It’s a desktop application that needs to be installed on all computers.”
Companies are looking for something better right now.
Trace.Space is not a mere ‘AI wrapper’ he added: “We use AI models like Llama and then some deterministic AI libraries, as well as aspects of OpenAI’s LLM.” Companies are looking for better solutions right now.
He added that Trace.Space was not just an ‘AI wrapper.’ “We use AI models such as Llama, and then some deterministic AI library, as well as aspects from OpenAI’s LLM.” Mikus Krams, the co-founder, previously worked as an operations manager at Lokalise. He also worked for software development startup Chili Piper. Karlis Broders was a third co-founder who had implemented Polarion and Jama in large-scale projects. Trace.Space raised $4 million as seed funding
. Cherry Ventureswas the lead investor, followed by Riga-based Outlast Fund along with earlier investors Nebular Fiedler and Change Ventures.
Mike Butcher, M.B.E. TechCrunch is the Editor-at-large. He has written for UK national magazines and newspapers, and Wired UK named him one of the most influential European technology people. He has spoken at DLD, Web Summit and the World Economic Forum. He has interviewed Tony Blair and Dmitry Medvedev. He also interviewed Kevin Spacey, Lily Cole and Pavel Durov. Mike is a regular on BBC News and Sky News. He also appears on CNBC, Channel 4, Al Jazeera, Bloomberg, Channel 4, CNBC, and Channel 4. He has also been a judge for The Apprentice UK and advised UK Prime Ministers on tech startup policies. GQ magazine named him as one of the UK’s 100 most connected men. He is co-founder of TheEuropas.com (Top 100 European startups) and the non-profits Techfugees.com, TechVets.co ( ), Startup CoalitionIn 2016, he was awarded the MBE for his services to UK technology and journalism.
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