Exodigo's innovative underground mapping technology enhances safety and efficiency in construction projects.
Exodigo, an Israeli startup focused on geophysical intelligence, has raised $96 million in Series B funding. This investment will bolster its global expansion efforts and enhance its underground mapping solutions that utilize AI and multi-sensor technology. The funding round, co-led by existing investors, doubled the company’s valuation to $214 million. Exodigo aims to reduce construction risks and costs associated with utility strikes, with plans to expand its operations particularly in Europe. The company also plans to develop more advanced underground data tools and has appointed new board members for future initiatives.
Exodigo, an Israel-based geophysical intelligence startup, has successfully raised $96 million in a Series B funding round aimed at bolstering its international presence and developing advanced underground mapping solutions. This substantial investment doubles the company’s valuation, reflecting strong confidence from investors in Exodigo’s innovative technology that leverages AI and multi-sensor capabilities for improved underground detection.
Founded in 2021, Exodigo has now raised a total of $214 million, indicating robust growth and interest since its inception. The latest funding round was co-led by existing investors Zeev Ventures and Greenfield Partners, alongside new investors like Vintage Investment Partners and Leblon Capital. This combination of venture capital support places Exodigo in a unique position to expand its market share.
Exodigo specializes in mapping underground utilities, pipes, and subsurface features, utilizing advanced AI, sensors, and 3D imaging. Its innovative platform significantly reduces the risks associated with excavations, thereby helping to prevent costly and disruptive construction issues. The technology is already in use by over 50 agencies and utilities worldwide, including well-known U.S. organizations such as Amtrak, LA Metro, and various state Departments of Transportation.
In the UK, Exodigo’s services are employed by the National Grid, which manages energy assets across several states. The company’s technology contributes to safeguarding against utility strikes—a major concern in the construction sector that leads to expenses over $30 billion annually in the U.S. due to excavation and drilling errors.
Exodigo’s technology is crucial for large-scale infrastructure projects, including Amtrak’s ambitious “New Era” modernization program and California’s high-speed rail initiative. The platform’s capability to provide a comprehensive and accurate view of underground conditions is set to enhance both safety and efficiency in construction practices. This will mitigate financial losses and environmental disruptions, underlining the value of Exodigo’s advanced capabilities.
Raz Mangel, a partner at Greenfield Partners, commented on the potential of this technology to drive efficiency savings worth tens of billions of dollars. With excavation risks significantly mitigated, construction companies will be better positioned to adhere to project timelines and budgets.
Exodigo currently employs a global workforce of 400, a number expected to grow as the company expands into new markets. Plans for the future include the development of additional underground data tools, enhancing its existing offerings and supporting ongoing infrastructure projects.
The company aims to strengthen its presence in Europe, particularly focusing on markets in the UK, France, and Italy, while maintaining its leadership in the U.S. and Israeli markets. Exodigo’s commitment to enhancing the depth accuracy and precision of its scans will further establish it as a leader in underground mapping technology.
The recent funding round not only provides a financial boost but also includes the introduction of new board members from Greenfield Partners and SquarePeg Ventures, further enriching Exodigo’s leadership structure. With ongoing improvements in algorithm accuracy and data retrieval capabilities—reportedly processing over 500 GB of data per scanned acre—Exodigo is well-positioned for sustained growth and innovation in the coming years.
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