Exodigo Closes $105 Million Series A to Lead Underground Mapping Revolution

Source: www.gulfoilandgas.com 2/27/2024, Location: North America

Exodigo, the artificial intelligence (AI) innovator modernizing underground mapping, today announced the close of a $105 million Series A round, converting $30 million previously secured in SAFEs, for a total of $118 million in funding since its launch in 2022. 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. 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 one of those rare companies that has managed to revolutionize a large market that is difficult to innovate in, by combining breakthroughs on both the software and hardware side in order to create unparalleled technology for non-intrusive underground mapping," said Raz Mangel, Partner, Greenfield Partners. "The company operates with a unique intensity, leading to incredible market and product velocity. We're thrilled to partner with Jeremy and the entire Exodigo team to play a part in the next phase of their global expansion as the company makes underground mapping and exploration a reality for the mass market."

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. Already helping dozens of customers around the world make capital projects safer, greener and more efficient, Exodigo has changed how and when companies seek out subsurface intelligence. Exodigo customers, including AECOM, Colas Rail, GRDF, HNTB, Houston METRO, HS2, Israel Electric Corporation, LA Metro, National Grid, PG&E, SEPTA, Tel Aviv Metro and VINCI, can now 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."

Exodigo 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. In fact, Exodigo typically locates 20-30 percent more utility lines than premium locators and reduces preliminary digging/drilling by up to 90 percent, 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. 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."

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. Exodigo is currently deepening its stronghold in Europe, specifically in the UK, France and Italy, while continuing its leadership position in Israeli and U.S. markets and exploring potential partnerships in new markets.

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. Exodigo's Advisory Board includes internationally recognized leaders, including Danny Glotter, Barak Kirschner, Peter Rogoff, Michael Schneider, Lou Shipley, and Simon Wright.


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