News Formal

Local tech company raises $21 million to help hardware engineering teams

  • 📰 NTVNewsNL
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 59%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

CoLab Software, a technology company building collaboration solutions for mechanical engineering and hardware development teams, announced $21M USD in Series B funding. Insight Partners led the round, with participation from existing investors, including Y Combinator, Killick Capital, and Pelorus VC.

Posted: May 25, 2024 9:18 am With so much interest from existing investors, the round was fully subscribed and CoLab will not take on any new investors.

The funding will be used to reach new customers and accelerate development of technology, including artificial intelligence. CoLab will also invest in expanding relationships with existing customers, an effort that has proven very successful so far, with 158% net revenue retention in the last 12 months.

CoLab will also expand its team, adding 30-40 new roles at headquarters in St. John’s, Newfoundland and remotely across Canada and the United States. This will include three key executive hires: a VP of Sales, VP of Customer Success, and VP of People.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 54. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Local tech company raises $21 million to help hardware engineering teamsCoLab Software, a technology company building collaboration solutions for mechanical engineering and hardware development teams, announced $21M USD in Series B funding. Insight Partners led the round, with participation from existing investors, including Y Combinator, Killick Capital, and Pelorus VC.
Source: NTVNewsNL - 🏆 54. / 59 Read more »