Colab recently raised $21 million in a Series B funding round, bringing its total capital to $40 million. The funds will be used to scale up the existing go-to-market motion and invest in AI. The company, which operates on a software-as-a-service model, has seen its revenue double in the past six months and plans to release paid add-ons to boost profits. Colab also plans to expand its workforce from 86 to around 120 by the end of the year as it expands to Canada and the U.S.
Key takeaways:
- Engineers Adam Keating and Jeremy Andrews founded Colab, a startup aimed at improving engineering collaboration, after experiencing the inefficiencies of using spreadsheets and screenshots for collaborative work.
- Colab's tools, which are used by teams at Ford, Johnson Controls, and Schneider Electric, allow engineers to review design files, capture and track feedback, and document issues from a single dashboard.
- Colab plans to incorporate AI into its platform in the coming months, using anonymized customer data to build models that help engineers make more informed decisions and automate routine tasks.
- The company recently raised $21 million in a Series B funding round, bringing its total capital to $40 million. The funds will be used to scale up the existing go-to-market motion and invest in AI, as well as expand the team as the company expands to Canada and the U.S.