CoLab Software, which provides a cloud-based mechanical issue tracking and design management platform, has completed a $2.7 million CAD funding round.
The round included participation from Spider Capital, Liquid 2, and FundersClub, joining the company’s existing investors Killick Capital, Pelorus Venture, and Panache Ventures. CoLab plans to use the funding to double the size of its team in the next 12 months with a focus on product development and enterprise growth.
“We have formed a seasoned team of investors who understand our market and how to scale enterprise SaaS companies.”
“We have formed a seasoned team of investors who understand our market and how to scale enterprise SaaS companies,” said Adam Keating, CoLab’s CEO. “This is the next step in enabling CoLab to become the global standardized platform for engineering design and manufacturing collaboration. We are excited to be build[ing] CoLab in Canada given the excellent government programs, community support and talented engineering workforce, with a great team of investors supporting us.”
In May, CoLab became one of the first Atlantic Canadian companies to be accepted into Y Combinator, later joined by Newfoundland and Labrador biotech company Sequence Bio. After a summer of development, the CoLab raised its seed financing round after being exposed to both Canadian and Silicon Valley investors at YC’s Demo Day.
“Spider Capital is incredibly excited to partner with CoLab as they bring to market a modern, lightweight SaaS platform that streamlines the siloed design, review and collaboration process to optimize workforce productivity for engineering teams in the manufacturing industry,” said Michael Neril, managing partner at Spider Capital. “We believe the industrial process automation space, which was pioneered by leaders such as parametric technology in the ’90s, is ripe for disruption and CoLab has the market and product insight to build a platform company.”
The company is planning to release the second version of its platform this October. CoLab allows design and manufacturing teams to do collaborative reviews and issue tracking, and recently expanded beyond the design process to support collaboration and issue tracking throughout a program’s entire life cycle. Its second version will include 3D viewing technology, drawing and document reviews, and 3D assembly instructions.