$21 million was raised by CoLab Software, a technology firm situated in St. John’s, Newfoundland, Canada that develops collaboration solutions for teams working on mechanical engineering and hardware development projects.
Investors
- Insight Partners
- Y Combinator
- Killick Capital
- Pelorus VC
Use of funds
With the money, the firm plans to grow its workforce by adding 30 to 40 new positions at its St. John’s, Newfoundland headquarters as well as remotely in Canada and the US. A VP of Sales, a VP of People, and a VP of Customer Success are the three important executive recruits that will be part of this.
The startup has partnered with engineering teams at top industrial companies, such as Ford, Schaeffler, and Komatsu, to expand sales nearly tenfold in the previous two years.
About CoLab
Under the direction of CTO Jeremy Andrews and CEO Adam Keating, CoLab is a cloud-based platform designed specifically for engineering design review. It allows several engineers, designers, and other stakeholders to evaluate designs concurrently and build upon one other’s suggestions. It gathers information on the evolution of engineering teams’ designs and produces quantitative insights. AI models may be trained using this same data. CoLab’s ReviewAI will assist engineers in making better judgments and automating repetitive processes and administrative labor for clients who choose to participate.
