Exodigo adds $105 million in new funding to modernize underground mapping
Exodigo adds $105 million in new funding to modernize underground mapping
Combining multiple types of powerful sensors, 3D imaging, cloud computing simulations and a proprietary AI platform, the Israeli startup fuses massive amounts of data into one map so companies can see risks and assets underground
Exodigo, which has developed an artificial intelligence solution for underground mapping, announced on Tuesday the close of a $105 million investment round consisting of a $75 million Series A and the conversion of $30 million secured in SAFEs in its Seed round. The company took its total funding since its launch in 2022 to $118 million.
Greenfield Partners and existing investor Zeev Ventures co-led the Series A with participation from existing investors SquarePeg, 10D VC, JIBE and National Grid Partners.
"We would like to commemorate Israel hero, Amit Shahar, who fell during reserve service in Gaza while serving as a fighter in the Yahalom unit. Amit was a friend and part of the Exodigo employees. He was a wonderful person. It is very important to us, as friends and as an organization, that he will remain a part of us even at this moment," the company said.
Exodigo, which has 120 employees, was founded by CEO Jeremy Suard, CTO Ido Gonen, and Yogev Shifman. All three were officers in IDF intelligence units 8200 and 81. Shifman has since left the company, whose leadership currently also includes CBO Aurelia Setton, COO Tamir Cohen, VP Research and Development Oriel Halvani, VP Product Operations Ofri Lehmann and VP Software Engineering Arie Abramovici.
Combining multiple types of powerful sensors, 3D imaging, cloud computing simulations and a proprietary AI platform, Exodigo fuses massive amounts of data into one map so companies can see risks and assets underground. The company says it typically locates 20-30% more utility lines than premium locators and reduces preliminary digging/drilling by up to 90%, so construction teams only excavate where necessary.
“We want to transform the entire built world and are committed to making underground exploration safer, faster, and more sustainable so our customers can design, dig and build safely with confidence,” said Jeremy Suard, Co-Founder and CEO of Exodigo. “As the only subsurface imaging company to put AI-interpreted signal processing into practice, Exodigo solves a massive, longstanding problem for industries where what lies underground matters.”
Collecting over 500 GB of data per scanned acre and continually evolving its algorithms to more accurately identify and categorize underground hazards and assets, Exodigo also plans to use the funding to increase the depth accuracy and precision of its scans as it readily integrates the latest advances in physics and sensor technology.
With more than 20 million miles of buried pipelines, cables and wires, the Common Ground Alliance (CGA) estimates more than $30 billion in costs due to hundreds of thousands of utility strikes each year across the United States alone and Exodigo calculates that companies spend more than $100B each year on unnecessary, and heavy-equipment-dependent, excavation and exploratory drilling.
Meanwhile, the built environment constitutes almost half of annual global CO2 emissions, making solving the underground both an economic and environmental priority. Exodigo customers include: AECOM, Colas Rail, GRDF, HNTB, Houston METRO, HS2, Israel Electric Corporation, LA Metro, National Grid, PG&E, SEPTA, Tel Aviv Metro and VINCI.
Timed with the investment, Raz Mangel, Greenfield Partners, and Philippe Schwartz, SquarePeg, will join Oren Zeev, Zeev Ventures, and Yahal Zilka, 10D, on the Board of Directors.
