CoLabs, a software incubator that partners with industry leaders to build cloud-based, category-changing solutions, launches with $4 million in seed funding to bring its inaugural artificial Intelligence product, IntelAgree, to market. The new software technology startup comany aims to develop innovative software products using machine learning and artificial intelligence to optimize and simplify business processes in major industries. Early investors in CoLabs include business leaders who supported the founders’ previous SaaS venture, eStaff365.
With $4 Million in seed capital in place, CoLabs has already surpassed its initial fundraising goal. The company will use the money to aggressively build a dynamic, cross-functional team of experts in areas such as product development, software engineering, and design.
The three founders of CoLabs are David Hull, John Wagner and Marc Miller, tech entrepreneurs with proven track records of business growth. Hull was previously a founder of technology staffing leader Veredus, which grew to $100M in annual revenue by the time the company was acquired by Hays in 2014. Wagner is a founder of custom software development leader AgileThought, a 10-time member of the Inc. 5000 Fastest Growing US Private Companies. Wagner and Miller were the co-founders of eStaff365, the first cloud-based employee onboarding platform that launched in 2013 and was acquired by Boston-based Erecruit 20 months later.
In addition to the founders and investors, a blue-chip group of Advisory Board members was assembled for CoLabs, including Paul L Whiting, Sr. (former CEO of Spalding and Evenflo Companies), James J. Fredlake (former CEO of Anchor Glass), Chad W. Harrod (President of Harrod Properties), and Dennis B. Story (CFO of Manhattan Associates).
CoLabs is a holding company and software incubator. It owns common Intellectual Property (IP) which serves as the basis for a portfolio of Software-as-a-Service (SaaS) companies. In developing innovative cloud-based solutions, CoLabs partners with industry leaders, using artificial intelligence and machine learning to address their specific challenges.
According to Hull, “Our vision is to be much more than just another SaaS company. We plan to strategically partner with industry leaders and experts and apply new AI/ML technologies to make their jobs easier and more profitable.”
Using direct input from early product adopters, the team will identify specific business challenges and design best-in-class solutions that are easy to configure, easy to use, and easy to maintain. Using this scalable model, CoLabs can apply their technology to solve a variety of challenges in different industries.
The company’s first product offering will be IntelAgree, an advanced Contract Lifecycle Management (CLM) tool that leapfrogs competitive offerings. IntelAgree will evolve and expedite the contracting process to save time, minimize cost, and increase productivity. CoLabs will officially launch IntelAgree in August 2018 with early adopters already identified in five major industries: investment banking, technology, staffing, professional services, and commercial real estate.