What is CoLab?
CoLab Software is a cloud-based collaboration platform designed to streamline and enhance the engineering design review process. It facilitates seamless collaboration by enabling users to review CAD files, manage feedback, and automatically track issues. Key features include automated issue tracking and the AI-powered ReviewAI, which identifies lessons learned and conducts routine design checks. Headquartered in Newfoundland and Labrador, Canada, CoLab Software has established partnerships with major industry players, including ExxonMobil Canada, Aker Solutions, and several Fortune 50 companies, positioning itself as a critical tool for modern engineering workflows.
How much funding has CoLab raised?
CoLab has raised a total of $137M across 6 funding rounds:
Angel/Seed
$2.1M
Series A
$17M
Series B
$21M
Multiple Rounds
$96.9M
Angel/Seed (2019): $2.1M with participation from FundersClub, Liquid 2, and Spider Capital
Series A (2021): $17M led by Atlassian, Xometry, Tesla, Insight Partners, Onshape, Bosch, and GrabCAD
Series B (2024): $21M supported by Y Combinator, Killick Capital, and Insight Partners
Other Financing Round (2025): $3.9M featuring Hebron Project and Hibernia
Private Equity (2025): $21M, investors not publicly disclosed
Series C (2025): $72M with participation from Spider Capital, Y Combinator, Intrepid Growth Partners, Killick Capital, and Pelorus Venture Capital
Key Investors in CoLab
Y Combinator
Y Combinator is a renowned startup accelerator that provides seed funding and mentorship to early-stage companies, fostering innovation and growth across various technology sectors.
Killick Capital
Killick Capital is a private equity firm based in Atlantic Canada that focuses on partnering with local businesses and those in the aerospace sector, aiming to drive substantial growth and long-term value creation through strategic investment and expertise.
Insight Partners
Insight Partners is a global venture capital and private equity firm specializing in high-growth technology and software companies, providing capital and strategic support to help portfolio companies scale effectively.
What's next for CoLab?
With its recent major strategic investment, CoLab Software is poised for accelerated growth and product development. The company's focus on AI-driven insights and comprehensive collaboration tools suggests a strategic push towards enhancing its platform's capabilities in automated design checks and knowledge surfacing. Future developments are likely to center on expanding its market reach, deepening integrations with existing enterprise systems, and further leveraging AI to provide predictive analytics for design processes. This latest backing will enable CoLab to solidify its position as a leader in the engineering collaboration software market.
See full CoLab company page
