News Summary

St. John’s-based CoLab Software has successfully raised $72 million USD in a Series C funding round, led by Intrepid Growth Partners with participation from existing investors such as Y Combinator and Insight Partners. CoLab, which was the first Atlantic Canada company to join Y Combinator, provides an AI-powered engineering collaboration tool that allows for multi-user cloud uploads and editing of 2D and 3D design files. The funding will be used to develop new AI agents, expand integrations with other applications, and scale their go-to-market teams. CoLab’s AI tool, AutoReview, which checks designs for errors, has seen significant demand with over 47,000 engineers waitlisted. The company aims to triple its revenue by 2025 and is already attracting major clients like Ford and Lockheed Martin.