Each year, Exodigo predicts that over $100 billion is expended on unnecessary excavation and drilling activities aimed at uncovering what lies beneath the surface. This is done to prevent accidental encounters with gas pipelines, water sources, oil, and other potential hazards hidden underground. The constant use of heavy equipment creates avoidable greenhouse gas emissions, wastes billions of dollars per year, damages the planet, and causes spills and explosions that can cost lives.
Expansion and growth plans
Israel-based Exodigo, an AI company solutions for mapping the underground accurately and efficiently. Now, the company has raised a $105 million Series A round, converting $30 million previously secured in SAFEs, for a total of $118 million in funding.
The investment round was co-led by Greenfield Partners and existing investor Zeev Ventures with participation from existing investors SquarePeg, 10D VC, JIBE and National Grid Partners.
Exodigo continues to lead a complete reinvention of underground mapping and plans to use the new capital to further build out its global team, accelerate the development of a self-service product line, and support its expansion into new markets. Exodigo is currently deepening its stronghold in Europe, specifically in the UK, France and Italy, while continuing its leadership position in Israeli and US markets and exploring potential partnerships in new markets.
In addition to 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.
3D underground maps using AI
Exodigo was founded by Jeremy Suard, Yogev Shifman, and Ido Gonen, all being alumni of the Israeli Defence Force (IDF). It creates complete, accurate underground maps that enable decision-making for its customers in utilities, transportation, and government. Its mission is to power the next era of underground exploration, saving time, money, lives, and the planet.
Exodigo can rapidly create a digital geolocated, 3D map of buried assets – from manmade pipes and cables to soil layers, rocks, minerals, and even groundwater across any terrain. It provides the only complete, accurate picture of what lies beneath the surface to mitigate financial, environmental, and safety-related risks.
Combining multiple types of powerful sensors, 3D imaging, cloud computing simulations and a proprietary AI platform, Exodigo fuses massive amounts of data into one, easy-to-read map so companies can see risks and assets underground. It is claimed to locate 20-30%more utility lines than premium locators and reduces preliminary digging/drilling by up to 90%, so construction teams only excavate where necessary.
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. It lets them accelerate and derisk their entire project lifecycle, avoiding unneeded emissions, risks, delays and budget overruns.
“Exodigo has taken the underground mapping market by storm and established its platform as the gold standard in comprehensive underground intelligence in just two short years. There was absolutely no question that I would want to double down on my investment based on the overwhelming demand it has been able to rally from top leaders across the utility, transportation and infrastructure communities,” said Oren Zeev, Founding Partner, Zeev Ventures. “Exodigo helps companies see risks underground; meanwhile, I see no ceiling to the potential for Exodigo as it continues to unearth enormous opportunities for growth by expanding its solution offerings and proving its value across new markets.”
“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. 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,” added Jeremy Suard, Co-Founder and CEO of Exodigo. “Some companies crawl before they can walk, but we’ve been sprinting consistently since day one and have no plans to stop the race. Thanks to the support of such dedicated investors and advisors, our team will be able to keep meeting increasingly complex customer needs as we dive deeper into the unknowns of the underground.”
