Tampa-based Tech Company CoLabs Raises $6.2 Million for New AI Software Product IntelAgree
TAMPA, Fla., Oct. 8, 2019 /PRNewswire/ -- CoLabs raised $6.2 million in investor funding for IntelAgree, a contract lifecycle management (CLM) software tool that uses artificial intelligence and machine learning to optimize and simplify business processes.
"IntelAgree has seen explosive growth since we launched in March of this year," said David Hull, CoLabs Founder and CEO. "We plan to use this capital to invest in sales and marketing, implementation services, and integrations with other systems."
Prior to IntelAgree hitting the market in March of 2019, the CoLabs team surpassed their fundraising goal with $4 million in seed capital raised. Since then, they've drawn significant attention from prospective investors, talent and clients.
IntelAgree has attracted many clients since its inception, including the three major professional sports teams in its hometown of Tampa— the Tampa Bay Buccaneers, Tampa Bay Lightning and Tampa Bay Rays.
Two high-level SaaS executives recently joined the board of advisors at CoLabs: Otto Berkes and Justin Teague. Berkes, based in New York City, is one of the four founders of the Xbox. Among a long list of other accomplishments, he spent 18 years at Microsoft as one of the earliest pioneers of mobile computing and touch-based devices. He then joined HB to lead the development of its highly successful HBO GO video streaming platform, and subsequently served as CTO for CA Technologies.
Teague, based in Boston, is the CEO of SmartBear Software. SmartBear empowers developers, testers, and operations engineers at over 20,000 of the world's most innovative organizations including Adobe, JetBlue, MasterCard, and Microsoft. Teague has spent the last 20 years in high-growth software environments driving revenues and operating margin improvements for businesses ranging in size from $10 million to $600 million in revenue.
During the summer of 2019, CoLabs partnered with Carnegie Mellon University, the number-one university for computer science, according to U.S. News and World Report, to add three summer interns to the IntelAgree development team.
The three founders of CoLabs— David Hull, John Wagner and Marc Miller— are 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 12-time member of the Inc. 5000 Fastest Growing US Private Companies which recently sold to AN Global, a leader in next-generation digital services. 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.
"We are energized to continue pushing the limits of what's possible through artificial intelligence and machine learning," said Hull. "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."
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