The Honourable Bernard Davis, Minister of Tourism, Culture, Industry and Innovation, and Sarah Stoodley, Parliamentary Secretary of Tourism, Culture, Industry and Innovation, continued #NLTechTour2020 at CoLab Software recently, to view the next steps in their design review and issue tracking platform that enables engineering teams to collaborate globally, shorten review cycles and rapidly resolve issues.
CoLab Software is a startup company established in 2017 which streamlines the design review process for innovative engineering projects. The company was co-founded by Jeremy Andrews and Adam Keating, who were part of a group of graduates from Memorial University’s Faculty of Engineering and Applied Science that led Paradigm Hyperloop to a second-place finish at the 2017 SpaceX Hyperloop Pod Competition.
Since its inception, the Provincial Government has contributed over $124,000 to CoLab Software to assist with the design, development and marketing of the company’s first product. CoLab employs 23 people, and is based in St. John’s.
In 2019, CoLab Software secured $2.7 million in venture capital investment, and became the first Atlantic Canadian business to be accepted into Y Combinator, one of the world’s most prestigious seed accelerators.
Venture Newfoundland and Labrador, is a venture capital fund established by the Government of Newfoundland and Labrador and managed by Pelorus Venture Capital Ltd. The fund is designed to provide greater access to capital for innovative entrepreneurs with high-growth potential start-ups.
As committed in the provincial Business Innovation Agenda and Technology Sector Work Plan, the Provincial Government supports innovative and entrepreneurial companies that create new jobs and opportunities, while fostering innovation in our provincial economy.
“CoLab’s innovative tracking platform is already in the next evolution stage, helping firms compete internationally while shortening review cycles up to fifty percent. As a graduate of Memorial’s Centre for Entrepreneurship, this impressive company is a great example of our government’s commitment to fostering a culture of entrepreneurship and innovation in our province.”
Honourable Bernard Davis
Minister of Tourism, Culture, Innovation and Industry
“One of the reasons Newfoundland and Labrador is a growing hub for startups is the support in the ecosystem from the Provincial Government and organizations such as Pelorus and Memorial’s Centre for Entrepreneurship. These support systems help startups learn quickly and compete globally while doing it much higher capital efficiency than more popular startup hubs.”
CEO, CoLab Software
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Tourism, Culture, Industry and Innovation