From St. John’s to the World: Canadian Startup CoLab AI Raises Over C$100 million

Despite its distance from Silicon Valley and Canadian tech capitals of Toronto, Waterloo, Montreal and Vancouver, St. John’s is emerging as a technology hub in its own right. Among the city’s tech ecosystem is CoLab AI Inc. (“CoLab”), a Canadian company specializing in AI software for engineering firms, which has raised C$101 million in its latest Series C funding.

CoLab’s platform streamlines collaboration for engineering companies by offering an online platform that centralizes information from e-mails, spreadsheets, notebooks, design software and product life-cycle management programs. Its software interprets 3-D models and drawings, while adding valuable design feedback and markups to flag any potential problems.

Intrepid Growth Partners led the round, alongside returning investors such as Y Combinator, LLC, Pelorus Venture Capital Ltd., Killick Capital Inc., Spider Capital Partners Management, LLC and Insight Venture Management, LLC. The company noted that the Series C funding will support the development of new AI agents, build integrations with other engineering and AI applications, broaden partnership networks and scale go-to-market teams. CoLab expects to announce several major product and partnership developments before the year ends.

CoLab has established itself as one of Canada’s fastest-growing technology companies, increasing its revenue by more than 1,700% over the past three years. The company now employs 165 people and generates annual revenues between US$15 million and US$30 million. CoLab’s customer base spans hundreds of clients worldwide, including Ford Motor Company, Lockheed Martin Corporation, GE Appliances and Johnson Controls International PLC.

The deal values CoLab at approximately US$500 million, underscoring the company’s rising prominence in the AI-for-engineering market.