Software incubator CoLabs has raised $4m in its seed round alongside the announcement of its debut product IntelAgree.
The Florida-based company looks to develop software products powered by machine learning and AI to simplify business processes for investment banking, technology, staffing, professional services, and commercial real estate. Through the configurable tool, CoLabs is able to adapt to resolve a range of issues, across different industries.
Its first product IntelAgree will launch in August and will offer an advanced contract lifecycle management tool. IntelAgree will evolve and expedite the contracting process to speed up the task, lower cost and improve productivity.
The capital injection will be used to grow the size of its team, with a focus on its product development, software engineering and design departments.
CoLabs co-founder David Hull said, “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.”
Earlier in the month, enterprise data protection and privacy solutions provider BigID has collected $30m in a Series B round of funding.
Last year, The United States FinTech sector was dominated by marketplace lending, infrastructure and enterprise software and payments and remittances companies. Together, these sectors accounted for over half of all funding to the country, according to data by FinTech Global. There was a total of $16.6bn invested into the country FinTech sector last year.
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