What is CoLab?
CoLab Software is a cloud-based platform engineered to revolutionize the engineering design review process. By enabling seamless collaboration, it allows users to efficiently review CAD files, manage feedback, and automate issue tracking. Key innovations include its AI-powered ReviewAI, which extracts valuable lessons learned and conducts routine design checks, and automated issue tracking. Headquartered in Newfoundland and Labrador, Canada, CoLab Software has established strategic partnerships with industry leaders such as ExxonMobil Canada and Aker Solutions, alongside numerous Fortune 50 companies, highlighting its critical role in enhancing engineering workflows for major enterprises.
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 Liquid 2, FundersClub, and Spider Capital
Series A (2021): $17M led by GrabCAD, Insight Partners, Atlassian, Xometry, Tesla, Onshape, and Bosch
Series B (2024): $21M supported by Y Combinator, Insight Partners, and Killick Capital
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 Killick Capital, Pelorus Venture Capital, Y Combinator, Intrepid Growth Partners, and Spider Capital
Key Investors in CoLab
Killick Capital
Killick Capital is a leading private equity firm based in Atlantic Canada, focusing on partnering with local businesses and those in the aerospace sector. The firm aims to identify and fund investments that promise substantial growth and long-term value creation. Killick Capital offers mentorship, financial expertise, and strategic insights to help technology-driven startups and aerospace supply chain companies succeed. Additionally, the Killick Newfoundland & Labrador Fund supports companies in the region with strong management teams and growth potential.
Pelorus Venture Capital
Pelorus VC is a venture capital fund established in 2015, focused on investing in pre-seed innovation companies in Newfoundland and Labrador. The firm partners closely with founders to help commercialize their bold ideas while providing venture returns for investors. With a fund size of $30 million, Pelorus VC aims to support talented entrepreneurs across various sectors. The team consists of experienced professionals with backgrounds in finance, technology, and startup ecosystems.
Y Combinator
Established in 2005 and located in Mountain View, California, Y Combinator provides seed funding for startup businesses and to gauge investors for businesses.
What's next for CoLab?
The recent major strategic investment and the overall enterprise-level funding context suggest CoLab Software is poised for significant scaling and market penetration. This capital will likely fuel further development of its AI capabilities, expansion into new geographic markets, and enhancement of its collaboration tools. The company's focus on streamlining complex engineering design reviews positions it to capture a larger share of the industrial software market, potentially leading to further strategic partnerships and product integrations.
See full CoLab company page
