Intrepid Growth Partners Leads CoLab’s $72M Series C Financing
- Intrepid leads investment in scaling another applied AI champion that is a leader in its category
- Mark Shulgan, Intrepid Growth Partners co-founder and partner, joins CoLab’s Board of Directors
ST. JOHN’S, Newfoundland and Labrador and TORONTO, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Intrepid Growth Partners today announced it is the lead investor in CoLab’s $72M Series C financing. Based in St. John’s, NL, CoLab is the AI operating system for modern product development, enabling engineering teams to share and review designs and to make better engineering decisions. Intrepid is joined by Insight Partners and Y Combinator.
"Today's news increases CoLab’s already-strong momentum in the engineering design review space. After 47,000 engineers joined the waitlist for our first AI agent – launched this summer – we knew it was time to double down on the momentum,” said Adam Keating, CEO and co-founder of CoLab. "While we received several strong offers to lead this financing round, Intrepid brings a stand-out collective track record and their focus on supporting the next generation of AI market leaders is highly aligned with our vision.”
“Our thesis is that we are at the early stages of rearchitecting every industry predicated on the thoughtful application of machine intelligence. CoLab is a fantastic example of this dynamic. Adam and Jeremy built this company on the eastern edge of Canada with a mindset from the start to compete globally,” stated Ajay Agrawal, Intrepid Growth Partners co-founder and partner. "Intrepid’s objective is to lean into and propel forward companies that are using machine intelligence to advance the frontier of their industry to deliver outsized value to their customers and super-returns for their shareholders,” he added.
“During my decade at CPPIB, an increasing number of global institutional investors, corporate leaders, and public-sector representatives recognised the incredible potential of machine intelligence. Since then, real-world progress has been remarkable. CoLab is today using machine intelligence to deliver tremendous efficiency to its customers. This is a dynamic we see playing out across multiple industries and we are excited to support the founders that are transforming the global economy,” said Mark Machin, Intrepid Growth Partners co-founder and Managing Partner.
Product development teams use CoLab’s EngineeringOS to run virtual design reviews, automatically capturing millions of expert annotations on 2D and 3D files in the process. This unique dataset – which describes why products are designed in a certain way – now powers AI agents that can access a company’s collective technical knowledge and think like an engineer. CoLab’s customers – including Ford, Johnson Controls, and GE Appliances – are already relying on these agents to help them avoid repeat design errors that drag down product quality and increase costs.
Since its 2023 founding, Intrepid Growth Partners has made investments in three other leading companies also powered by AI: StackAdapt, Skin Analytics, and Blue J.
Intrepid was advised by Osler on legal matters and by Deloitte on financial matters.
Media Contact – For Intrepid Growth Partners
Media Relations
media@intrepidgp.com
+1 647 855 9507
Media Contact – For CoLab
press@colabsoftware.com
About Intrepid Growth Partners
Co-founded by Mark Machin, Mark Shulgan and Ajay Agrawal, Intrepid invests in pioneering machine intelligence-powered companies with demonstrated value creation and transformative potential. With offices in Toronto and London covering North America and Europe, and a constellation of aligned and invested senior advisors, we help visionary leaders scale and redefine their industries. To learn more about Intrepid and our approach to investing, please visit our website at www.intrepidgp.com and subscribe to our Derby Mill podcast series with hosts Ajay Agrawal, Turing Award winner Rich Sutton, Sendhil Mullainathan and Niamh Gavin.
About CoLab
CoLab builds AI-powered software for mechanical engineering and hardware development teams. Its EngineeringOS platform helps engineers make better, faster design decisions by connecting people, data, and AI in one collaborative workspace, capturing expert knowledge as a natural part of day-to-day work. With AI agents built into the platform, CoLab enables teams to apply that knowledge automatically to improve design quality and accelerate product development. Founded in 2017, CoLab is trusted by leading global manufacturers to drive decision velocity and bring better products to market, faster.
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