Local tech company raises $21 million to help hardware engineering teams

Posted: May 25, 2024 9:18 am
By Web Team


CoLab Software, a technology company building collaboration solutions for mechanical engineering and hardware development teams, announced $21M USD in Series B funding. Insight Partners led the round, with participation from existing investors, including Y Combinator, Killick Capital, and Pelorus VC. With so much interest from existing investors, the round was fully subscribed and CoLab will not take on any new investors.

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 proven very successful so far, with 158% net revenue retention (NRR) in the last 12 months.

CoLab will also 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, VP of Customer Success, and VP of People.

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