CoLab, a St John’s, Newfoundland and Labrador, Canada-based co-design platform for mechanical engineering teams, raised $17M in Series A funding.
The round was led by Insight Partners with participation from VCs and Xometry, Onshape, GrabCAD, Bosch, Tesla and Atlassian. In conjunction with the funding, Josh Fredberg, Managing Director at Insight Partners, has joined CoLab’s board of directors.
The company intends to use the funds to accelerate the pace of engineering innovation by reinventing the way teams collaborate on mechanical design.
Co-founded in 2017 by CEO Adam Keating and CTO Jeremy Andrews, CoLab provides a web-based codesign and collaboration tool that lets a team share CAD, provide feedback with full mechanical context, and capture design data, giving users a design review and standardized and simplified collaboration process.
Today, the tool is used by Fortune 500 companies like Johnson Controls and Hyundai Mobis, who use the platform with the aim to accelerate design cycles, drive continuous improvement, and reduce product costs and changes.