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Colab Raises $17M Series A To Modernize Collaboration For Mechanical Engineering Teams

Oct 19, 2021•almost 4 years ago

Amount Raised

$17 Million

Round Type

series a

Newfoundland

Description

CoLab Software, the Newfoundland-based CoDesign platform for mechanical engineering teams, today announced that it has raised $17 million in Series A funding that will enable the company to double its 54-person team and bring the benefits of modern collaboration to even more design and manufacturing organizations. New York-based global private equity and venture capital firm Insight Partners led the round, with participation by new and existing VCs and strategic angels from industry heavyweights such as Xometry, Onshape, GrabCAD, Bosch, Tesla and Atlassian.

Company Information

Company

Co Lab Software

Location

Newfoundland, Newfoundland and Labrador, CAN

About

CoLab is a web-based CoDesign and collaboration tool that lets your team share CAD, provide feedback with full mechanical context, and capture the critical design data that your other systems don't—giving you a design review and collaboration process that's standardized, simplified, and twice-as-fast. Today CoLab is trusted by Fortune 500 companies like Johnson Controls and Hyundai Mobis, who use the platform to accelerate design cycles by 51%, drive continuous improvement, and reduce product costs and changes. To see how CoLab modernizes the way engineers work together, visit colabsoftware.com

FundzWatch™ Score

Medium Activity

Funding Insights

Based on industry data

Tech investment trends

83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech