CoLab Software
Canvas Category Software : Engineering : Digital Twin
The homebase your design conversations need. A CoDesign tool that makes it easy to share and review design files, so you can focus on the work that matters without missing a beat (or a bolt).
Assembly Line
CoLab Software raises $21M to help hardware engineering teams accelerate product development
CoLab Software, a technology company building collaboration solutions for mechanical engineering and hardware development teams, announced its fully subscribed Series B round with $21M USD in funding. Global software investor Insight Partners led the round, with participation from existing major investors, including Y Combinator, Killick Capital, and Pelorus VC.
The funding will be used to reach new customers and accelerate development of technology, including artificial intelligence. CoLab will also invest in expanding relationships with existing customers, an effort that has yielded successful results so far with 158% net revenue retention (NRR) in the last 12 months.
CoLab will also use the funds to expand its team, adding 30-40 new roles at headquarters in St. John’s, Newfoundland and remotely across Canada and the United States. This will include three key executive hires: a VP of Sales, a VP of People, and a VP of Customer Success.