CoLab Software announced today that it is the first Atlantic Canadian company to be accepted into Y Combinator. The company plans to double the size of its team by year-end to meet growing customer demand.
Y Combinator is a world-renowned accelerator program with an unparalleled record of successful startups. Previous companies to be accepted into Y Combinator include Airbnb, Dropbox, Reddit, and Twitch. With a portfolio worth over $100B and an acceptance rate of approximately 1.5%, Y Combinator ranks as one of the most competitive and successful accelerator programs globally.
Y Combinator presents a significant opportunity for CoLab to connect with top global investors and mentors while accelerating the development and growth of the company. Y Combinator will also contribute to CoLab’s seed financing and help acquire new customers.
“Our mission is to empower engineering teams to build the future faster – Y Combinator is going to accelerate our growth and pair us with some of the brightest and most successful entrepreneurs in the world. We are excited to leverage Y Combinator to provide our customers with industry-leading products while expanding our team and customer base,” says Adam Keating, CEO and Co-Founder at CoLab.
The acceptance into Y Combinator comes at a time of significant growth for CoLab. While executing a successful beta program in 2018, CoLab raised a $600K pre-seed financing from Killick Capital, Pelorus Venture and Panache Ventures. The company has doubled in size to 14 employees since completing the financing and is now working with some of the largest automotive and industrial companies in the world.
CoLab developed Gradient, a cloud-based collaboration tool that helps engineering teams streamline the design review process, simplify program management, and resolve issues faster. Gradient’s technology was recently extended to the production floor to provide teams with an integrated Industry 4.0 experience for collaboratively managing issues and sharing lessons learned.
With plans to onboard a number of industry leaders in the next 6 months, CoLab is expanding their team with open positions in software development, QA, IT/Security, engineering, digital marketing, sales and customer success.
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