News Summary

St. John’s-based CoLab Software has secured $5.6 million in funding through a partnership with ExxonMobil and the Hibernia and Hebron offshore oil projects. This funding aims to expedite the development of CoLab’s ReviewAI, an AI tool designed to enhance engineering design collaboration. The partnership, formalized in December 2023, supports CoLab’s software development and the hiring of 17 new employees at its St. John’s headquarters. CoLab’s ReviewAI project is set to advance the company’s global reach by automating routine tasks and improving collaborative design workflows. The funding will support approximately 60,000 hours of local software development, with the project expected to complete by 2026.