CoLab Software secures $5.6M for AI development

CoLab Software, a company based in Newfoundland and Labrador, has received $5.6 million CAD in funding from the Hibernia and Hebron Projects. This investment aims to develop local talent in artificial intelligence (AI) and enhance CoLab's product offerings. The funding will enable around 60,000 hours of local software development. This work will fast-track the creation of a new product called ReviewAI. CoLab has already expanded its workforce by hiring 17 full-time employees since securing the funding. At a recent summit, CoLab showcased ReviewAI, which uses AI and machine learning to aid product development and improve quality. The project has attracted attention, with over 60 leadership teams from top companies evaluating the new technology. Nicholas Maccallum from ExxonMobil Canada emphasized the importance of this project for building foundational AI capabilities in the region. CoLab's platform allows for efficient design reviews, enabling engineers and designers to collaborate effectively. Aker Solutions, a contractor for the Hebron Project, has already implemented CoLab with 125 users, completing over 2,900 design reviews. The platform has improved collaboration and reduced review times significantly. CoLab plans to use the funding to develop new technologies, including a predictive review system that can identify potential design issues before they become problems. The project is set to span 24 months, with a completion target of 2026, and will involve support from Energy Research & Innovation Newfoundland & Labrador.