CoLab Software, a St. John’s, Newfoundland, Canada-based technology company building collaboration solutions for mechanical engineering and hardware development teams, raised $21M in funding.
The round was led by Insight Partners with participation from existing major investors, including Y Combinator, Killick Capital, and Pelorus VC.
The company intends to use the funds to expand its team, adding 30-40 new roles at headquarters in St. John’s, Newfoundland and remotely across Canada and the United States. This will include three key executive hires: a VP of Sales, a VP of People, and a VP of Customer Success.
Led by CEO Adam Keating and CTO Jeremy Andrews, CoLab is a cloud based platform purpose built for engineering design review. Using it, multiple engineers, designers, and other stakeholders can review designs together and build off one another’s feedback. It captures data on how engineering teams evolve their designs, generating quantitative insights. This same data can be used to train AI models. For customers that opt in, CoLab’s ReviewAI will help engineers make more informed decisions and automate routine tasks and administrative work.
In the last two years, the company has grown revenue nearly 10x, while partnering with engineering teams at leading manufacturing organizations, including Ford, Schaeffler, and Komatsu.
FinSMEs
17/05/2024