Trace Space Secures $4 Million Seed Round with Cherry Ventures
Deal News | Feb 18, 2025 | CEE Legal Matters
Trace Space, a Latvian company specializing in AI tools for product manufacturing, has successfully secured a USD 4 million seed round, with Berlin-based Cherry Ventures leading the investment. The funds are earmarked for product development and expanding market efforts specifically into the US and Europe. Cytowski & Partners, a legal advisory firm accustomed to handling such financial inflows, represented Trace Space, while Goodwin Procter provided legal guidance to Cherry Ventures. The firm has a familiar relationship with Trace Space, having previously facilitated their USD 1.5 million pre-seed financing the same year. The advisory team from Cytowski & Partners consisted of Partner Tytus Cytowski and Associates Eresi Uche, Kunal Kolhe, Fabiana Morales, and Heidi Fan.
Sectors
- Artificial Intelligence
- Product Manufacturing
- Venture Capital
Geography
- Latvia – The headquarters of Trace Space is located in Latvia, making it central to this news piece.
- Germany – Cherry Ventures is based in Berlin, Germany, and is a key investor in the seed funding round.
- United States – Trace Space aims to expand its market presence into the US, indicating a geographic focus in the article.
- Europe – The intended market expansion of Trace Space includes Europe, showcasing a regional interest in the article.
Industry
- Artificial Intelligence – Trace Space is focused on building AI tools for product manufacturing, indicating a strong presence in the Artificial Intelligence sector.
- Product Manufacturing – The company's emphasis on product manufacturing through AI tools highlights its participation in the manufacturing industry.
- Venture Capital – The involvement of Cherry Ventures in the seed funding round situates the article within the realm of venture capital investments.
Financials
- 4,000,000 – The seed round investment amount secured by Trace Space.
- 1,500,000 – The amount of pre-seed financing Trace Space secured earlier in 2023.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Trace Space | Target | Companies | A Latvian AI startup focusing on product manufacturing tools. |
| Cherry Ventures | Investor | Companies | A Berlin-based venture capital firm leading the seed funding round. |
| Cytowski & Partners | Legal Advisor | Companies | A law firm providing legal advisory services to Trace Space. |
| Goodwin Procter | Legal Advisor | Companies | Provided legal advice to Cherry Ventures. |
| Tytus Cytowski | Partner | People | Partner at Cytowski & Partners advising on the deal. |
| Eresi Uche | Associate | People | Associate at Cytowski & Partners involved in the advisory team. |
| Kunal Kolhe | Associate | People | Associate at Cytowski & Partners involved in the advisory team. |
| Fabiana Morales | Associate | People | Associate at Cytowski & Partners involved in the advisory team. |
| Heidi Fan | Associate | People | Associate at Cytowski & Partners involved in the advisory team. |