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 Israeli geophysical intelligence startup, has secured $96 million in a Series B funding round, aimed at accelerating its global expansion and enhancing its advanced underground mapping solutions. This financial support more than doubles the company’s valuation, paving the way for ambitious growth in the international market. Since its inception in 2021, Exodigo has amassed a total of $214 million in funding.
Exodigo specializes in the application of artificial intelligence and multi-sensor technology for underground detection. This state-of-the-art platform provides invaluable services, including mapping utilities, pipes, and subsurface features. The technology utilizes a combination of AI, advanced sensors, and 3D imaging to significantly reduce risks associated with excavation in construction projects, a critical need as urban infrastructure ages and new projects arise.
The company’s groundbreaking technology is already in use by over 50 agencies and utilities globally. This includes notable clients such as Amtrak, LA Metro, and the Departments of Transportation in Florida and Kansas in the United States. Exodigo’s services are also employed by National Grid in the UK, which oversees energy assets in states like New York and Massachusetts. Such extensive adoption reinforces the vital role of Exodigo in mitigating costly challenges faced in the construction sector.
With its advanced underground mapping technology, Exodigo aims to mitigate costly construction issues, such as unnecessary digging and environmental disruptions. The annual cost of utility strikes in the United States alone exceeds $30 billion due to mistakes related to excavation and exploratory drilling. The technology also supports major infrastructure projects like Amtrak’s ‘New Era’ modernization program and California’s high-speed rail initiative, further illustrating its importance in large-scale endeavors.
The Series B funding round was co-led by existing investors Zeev Ventures and Greenfield Partners, along with new contributors, including Vintage Investment Partners and Leblon Capital. The investment is expected to facilitate Exodigo’s plans to create additional underground data tools and enhance the depth and accuracy of its scans, providing clients with even more comprehensive views of subsurface conditions.
In line with its global expansion strategy, Exodigo has a workforce of about 400 employees, with plans to grow this team as it ventures into new markets, particularly in Europe, including the UK, France, and Italy. The company intends to maintain its strong presence in Israel and the United States while exploring new opportunities elsewhere.
The ongoing development and refinement of Exodigo’s technology promise to yield significant efficiency savings, potentially amounting to tens of billions of dollars. As algorithms improve and more data is retrieved—over 500 GB of data per scanned acre—the company seeks to enhance the precision and reliability of its underground scans. Exodigo’s commitment to innovation positions it to become a leader in the geophysical intelligence sector, setting a new standard for safety and efficiency in construction projects.
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