What is CoLab?
Headquartered in Newfoundland and Labrador, CoLab Software provides a sophisticated cloud-based platform engineered to optimize the design review process. The company's flagship solution integrates seamlessly with CAD environments, enabling distributed engineering teams to manage feedback, track design issues, and leverage AI-powered insights through its proprietary ReviewAI tool. By automating routine design checks and surfacing historical lessons learned, CoLab addresses the inefficiencies inherent in complex product development cycles. Its market position is bolstered by high-profile partnerships with global industry leaders, including ExxonMobil and Aker Solutions, demonstrating the platform's scalability and utility in demanding enterprise environments.
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 Spider Capital, Liquid 2, and FundersClub
Series A (2021): $17M led by Onshape, Insight Partners, Xometry, Atlassian, Tesla, Bosch, and GrabCAD
Series B (2024): $21M supported by Y Combinator, Insight Partners, and Killick Capital
Other Financing Round (2025): $3.9M featuring Hebron Project and Hibernia
Stock/Share Issuance (2025): $21M, investors not publicly disclosed
Series C (2025): $72M with participation from Y Combinator, Intrepid Growth Partners, Spider Capital, Pelorus Venture Capital, and Killick Capital
Key Investors in CoLab
Y Combinator
A premier startup accelerator and venture capital firm that provides early-stage funding and mentorship to high-growth technology companies.
Spider Capital
A seed-stage enterprise venture capital firm focused on the digital transformation of industry through investments in innovative cloud startups.
Killick Capital
A private equity firm based in Atlantic Canada that partners with technology-driven startups and aerospace companies to foster long-term value creation.
What's next for CoLab?
With the successful closure of its Series C round, CoLab is well-positioned to accelerate its product roadmap and expand its footprint in the global industrial software market. The influx of capital will likely be directed toward scaling the capabilities of ReviewAI and deepening integrations within the broader Industry 4.0 ecosystem. As the company transitions from a scaling startup to an established enterprise-level provider, the focus will remain on enhancing connectivity between disparate engineering teams and manufacturing workflows. This strategic growth phase is expected to further solidify CoLab's competitive advantage, as it continues to replace legacy, manual review processes with intelligent, data-driven collaboration tools.
See full CoLab company page
