It isn't idiomatic. Whether or not it makes sense depends on what you mean by sense. I suspect most people can probably make sense of it, but likely won't have heard it before.
work jointly on an activity, especially to produce or create something (NOAD)
to work jointly with others or together especially in an intellectual endeavor (MW)
Collaborate is an intransitive verb that describes how people work together, not any process performed on an object.
It then doesn't make sense, according to how collaborate is generally used, to say a project was collaborated: collaborate doesn't take an object. The sentence, though, clearly means that people collaborated on the project; it just reads as tech- or headline-speak.
Google Ngrams shows that usage is increasing
but this is trivial compared with collaborated on.
This WordReference post reminds us that this uptick might be from confusion with corroborated by.