CoLab Software

Canvas Category Software : Engineering : Digital Twin

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Primary Location St. John's, Newfoundland, Canada

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CoLab Software raises $21M to help hardware engineering teams accelerate product development

📅 Date:

🔖 Topics: Funding Event

🏢 Organizations: CoLab Software, Insight Partners

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.

Read more at Business Wire