Key Takeaways
- • CoLab ranked No. 23 in the Technology Fast 50 category of Deloitte Canada's 2026 Technology Fast 50 program, its second consecutive year on the list.
- • The engineering review platform reported 1,075% revenue growth from 2022 to 2025, according to the company's announcement.
- • The 2026 cohort posted an average growth rate of 3,079%, up more than 450 percentage points from the prior year, raising the bar for inclusion.
- • CoLab has raised $112 million (USD) in venture capital to date and employs more than 250 people.
- • Recent enterprise wins include a multi-year AI contract with Bombardier, a new global contract with Vestas, and an expanded multi-year agreement with Schaeffler.
Summary
CoLab, a St. John's, Newfoundland and Labrador-based provider of AI-powered software for mechanical engineering and hardware development teams, announced that it ranked No. 23 in the Technology Fast 50 category of Deloitte Canada's 2026 Technology Fast 50 program. The company cited revenue growth of 1,075% from 2022 to 2025 as the basis for its placement, which marks its second consecutive year on the list.
The Deloitte Technology Fast 50 program, now in its 29th year, recognizes Canadian technology companies with exceptional revenue growth across three categories: Technology Fast 50, Enterprise-Industry Leaders and Companies-to-Watch. According to the announcement, this year's cohort posted an average growth rate of 3,079%, more than 450 percentage points higher than last year and above the 3,000% mark for the first time in recent years, meaning the threshold for inclusion has risen considerably.
Co-Founder and CEO Adam Keating said CoLab has reached significant scale while continuing to grow rapidly, and attributed much of the recent growth to major AI contracts with global engineering organizations. He argued that the company is positioned to help large enterprises adopt AI for engineering because it is mature enough to manage change while retaining the agility of a high-growth startup.
CoLab has grown to more than 250 employees and has raised $112 million (USD) in venture capital to date. Over the past year it expanded its customer base among leading manufacturers, signing a multi-year AI contract with Bombardier and a new global contract with Vestas, and extending its multi-year agreement with Schaeffler. The company has also broadened its platform beyond mechanical CAD review and recently released generative artifacts, tools designed to help manufacturers capture, share and apply engineering knowledge at scale. Founded in 2017, CoLab counts GE Appliances, Schaeffler and Johnson Controls among its customers.
The Deloitte Technology Fast 50 program, now in its 29th year, recognizes Canadian technology companies with exceptional revenue growth across three categories: Technology Fast 50, Enterprise-Industry Leaders and Companies-to-Watch. According to the announcement, this year's cohort posted an average growth rate of 3,079%, more than 450 percentage points higher than last year and above the 3,000% mark for the first time in recent years, meaning the threshold for inclusion has risen considerably.
Co-Founder and CEO Adam Keating said CoLab has reached significant scale while continuing to grow rapidly, and attributed much of the recent growth to major AI contracts with global engineering organizations. He argued that the company is positioned to help large enterprises adopt AI for engineering because it is mature enough to manage change while retaining the agility of a high-growth startup.
CoLab has grown to more than 250 employees and has raised $112 million (USD) in venture capital to date. Over the past year it expanded its customer base among leading manufacturers, signing a multi-year AI contract with Bombardier and a new global contract with Vestas, and extending its multi-year agreement with Schaeffler. The company has also broadened its platform beyond mechanical CAD review and recently released generative artifacts, tools designed to help manufacturers capture, share and apply engineering knowledge at scale. Founded in 2017, CoLab counts GE Appliances, Schaeffler and Johnson Controls among its customers.
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