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Business Observer Friday, Oct. 18, 2019 1 month ago

Intelligent growth for AI-powered business software firm

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Investment funding flows for CoLabs, a tech startup whose IntelAgree product can automate contracts.

Tampa-based tech startup CoLabs has been on a fundraising tear, raising $6.2 million from investors to support IntelAgree, its Software-as-a-Service platform that uses machine learning and artificial intelligence to automate many tedious business processes, particularly contracts.

That comes on the heels of the company meeting its seed capital goal of $4 million in March, when IntelAgree hit the market.

CoLabs says the product has drawn interest not only from investors, but clients. According to a press release, the Tampa Bay Buccaneers, Tampa Bay Lightning and Tampa Bay Rays are all customers.

"IntelAgree has seen explosive growth since we launched in March of this year," CoLabs founder and CEO David Hull states in the release. "We plan to use this capital to invest in sales and marketing, implementation services and integrations with other systems."

IntelAgree, short for intelligent agreements, can pick up patterns and tendencies it detects in contracts and other business records, making it poised for success in the lucrative contract lifecycle management (CLM) software space.

"We are energized to continue pushing the limits of what's possible through artificial intelligence and machine learning," Hull states in the release. "Our vision is to continue this growth trajectory by offering game-changing solutions and innovations for businesses to improve processes, reduce risk and increase profit."

CoLabs’ growth, the release states, has also attracted star power to its board: Xbox co-founder and 18-year Microsoft veteran Otto Berkes and Justin Teague, CEO of Boston-based SmartBear Software, whose clientele includes Adobe, JetBlue and MasterCard. The firm’s board also includes executives with experience at Spalding, Evenflo, Anchor Glass, Harrod Properties and Manhattan Associates.

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