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[Funding News] Canada-based CoLab Software Secures $21Million in Funding

CoLab, a technology company building collaboration solutions for mechanical engineering and hardware development teams, secures $21million in funding.

CoLab, a technology company building collaboration solutions for mechanical engineering and hardware development teams, secures $21million in funding.

Leading the round were Insight Partners and Y Combinator, Killick Capital, and Pelorus VC, among other notable investors.

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.

Read also – [Funding News] TX-based Yendo Secures $165Million in funding

Under the direction of CTO Jeremy Andrews and CEO Adam Keating, It 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 judgements and automating repetitive processes and administrative labour for clients who choose to participate.

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

CoLab is a cloud-based tool designed specifically for efficient, quick design reviews. Engineers, designers, and other stakeholders may collaborate to examine designs and build upon each other’s input by using CoLab.CoLab facilitates reviewing the appropriate data (including CAD) with the appropriate parties, gathering insightful comments, and following up on concerns until they are resolved.

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