New funding enables CoLab to accelerate the pace of engineering innovation by reinventing the way teams collaborate on mechanical design
Posted: October 19, 2021 at 7:00 a.m. EDT|Update: 16 hours ago
NEWFOUNDLAND, Canada, October 19, 2021 / PRNewswire / – CoLab software, the NewfoundlandCoDesign’s platform for mechanical engineering teams, announced today that it has lifted $ 17 million in Series A funding that will allow the company to double its team of 54 and bring the benefits of modern collaboration to even more design and manufacturing organizations. new YorkGlobal private equity and venture capital firm Insight Partners led the round, with the participation of new and existing VCs and strategic angels from industry heavyweights such as Xometry, Onshape, GrabCAD, Bosch, Tesla. and Atlassian.
CoLab’s platform, which allows manufacturing teams to easily share CAD across the value chain and gain real-time feedback, was born out of frustration with inadequate collaboration tools. CEO Adam keating and CTO Jeremy Andrews co-founded the company in 2017 after feeling held back by shortcomings in standard CAD and PLM tools while building one of the world’s first hyperloop vehicles and working for innovators like Tesla and General Dynamics.
“CoLab’s mission is to transform the way mechanical engineering teams work together,” said Keating. “The design review and collaboration relied on generic tools that were not specifically designed for mechanical design, resulting in intensive administrative workflows, slow review cycles, and costly errors caught too late. in the design process. We saw first-hand that progress had not been made in solving this long-standing problem, so we created CoLab to do just that. “
Josh fredberg, Managing Director of Insight Partners, has joined the CoLab Board of Directors. “CoLab’s CoDesign tool is a game-changer for engineers around the world. Rarely do you see a product that responds so perfectly to a problem that is both highly technical and widespread, but that is what happens when you combine frustration and entrepreneurship. Adam, Jeremy and his team are uniquely positioned to tackle an industry-wide issue with their leading platform in their category. “
It turned out to be a problem that deserves to be addressed. Before CoLab, customers reported slow review cycles, confusion around files and comments, and difficulty collaborating with stakeholders. After implementing CoLab, reviews are 2x faster and teams get feedback from key people sooner and more often. So everyone is on the same page and errors are caught earlier in the design process. For many organizations, CoLab is the basis for initiatives such as the Model-Based Business, Digital Thread, and Industry 4.0.
As further proof, CoLab has grown exponentially – 609% over last year, with several Fortune 500 companies already joining us and seeing real results fast. Global industry leader Johnson Controls (JCI) started using CoLab in 2018. Since then, more than 180 JCI engineers around the world have used CoLab to collaborate globally and reduce review times from weeks to weeks. days.
Additionally, JCI has moved from hosting its global VA / VE events in person to hosting them virtually in CoLab, uncovering twice as many value-added opportunities. CoLab has also partnered with industry leaders such as Schneider Electric, Hyundai Mobis and Xometry to reinvent engineering collaboration and achieve key business goals faster.
About CoLab software
CoLab is a web-based co-design and collaboration tool that allows your team to share CAD, provide feedback with full mechanical context, and capture critical design data your other systems don’t have. , giving you a standardized and simplified design review and collaboration process. , and twice as fast. Today, CoLab is trusted by Fortune 500 companies such as Johnson Controls and Hyundai Mobis, which use the platform to accelerate design cycles by 51%, drive continuous improvement, and reduce costs and changes to systems. products. To see how CoLab is modernizing the way engineers work together, visit colabsoftware.com
About Insight Partners
Insight Partners is a leading global venture and private equity firm investing in high growth ScaleUp technology and software companies driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies around the world and has raised through a series of funds over $ 30 billion in capital commitments. Insight’s mission is to find, fund and work successfully with visionary executives, providing them with hands-on and hands-on software expertise to drive long-term success. Through its people and portfolio, Insight fosters a culture around the belief that ScaleUp businesses and growth create opportunity for all. For more information on Insight and all of its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
View original content to download multimedia:
SOURCE CoLab software
The above press release has been provided courtesy of PRNewswire. The views, opinions and statements contained in the press release are not endorsed by Gray Media Group and do not necessarily state or reflect those of Gray Media Group, Inc.