Exodigo Secures $96 Million in Series B Funding for Expansion

News Summary

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 Secures $96 Million Series B Funding for Global Expansion and Advanced Underground Mapping

Exodigo, a geophysical intelligence startup based in Israel, has successfully raised $96 million in a Series B funding round. This influx of capital aims to accelerate the company’s global expansion and enhance its advanced underground mapping solutions.

The latest funding round effectively doubles Exodigo’s valuation, contributing to a total of $214 million raised since the company’s launch in 2021. The round was co-led by existing investors Zeev Ventures and Greenfield Partners, with new support coming from investors like Vintage Investment Partners and Leblon Capital.

Innovative Technology for Underground Detection

Exodigo specializes in the application of AI and multi-sensor technology to enable accurate underground detection. Their platform assists in mapping underground utilities, pipes, and subsurface features, thereby reducing excavation risks. The technology utilizes advanced sensors and 3D imaging techniques, enabling Exodigo to deliver a comprehensive view of underground conditions.

This innovative technology is already in use by over 50 agencies and utility providers worldwide. Notable clients include esteemed US organizations such as Amtrak, LA Metro, and the statewide Departments of Transportation in both Florida and Kansas. In addition, the National Grid in the UK, which manages energy assets in multiple states including New York, Massachusetts, and Rhode Island, has also adopted Exodigo’s groundbreaking solutions.

Significant Benefits for the Construction Sector

Exodigo’s technology addresses major concerns within the construction sector, particularly related to costly excavation mistakes and environmental disruption. By preventing unnecessary digging and mitigating the risks associated with utility strikes, the platform significantly contributes to efficiency savings potentially amounting to tens of billions of dollars.

In the US alone, utility strikes due to excavation errors can result in over $30 billion in costs each year. Exodigo’s advanced system aims to prevent such expensive outcomes, positioning itself as a critical tool for construction firms engaged in significant infrastructure projects. Some of these projects include Amtrak’s ‘New Era’ modernization program and California’s ambitious high-speed rail initiative.

Expansion Plans and Future Developments

As Exodigo prepares for increased global presence, it has laid out specific plans for expansion into European markets, particularly focusing on the UK, France, and Italy, while maintaining a strong position in its home country of Israel and the United States. The company is looking to enhance its product offerings by developing additional underground data tools.

Currently employing a diverse workforce of around 400 people, Exodigo anticipates growth as it enters new markets. The funding deal has also facilitated the appointment of new board members from Greenfield Partners and SquarePeg Ventures, a move designed to guide the company through its next phase of development.

Continued Innovation and Data Retrieval

Exodigo’s platform retrieves an impressive 500 GB of data per scanned acre and is continually improving its algorithms to boost accuracy. Future plans include enhancements aimed at increasing the depth accuracy and precision of its scans, ultimately providing users with even more reliable data to inform their construction projects.

As Exodigo continues to innovate and expand, its commitment to improving safety and efficiency in construction through superior underground mapping solutions becomes increasingly vital. The company’s technology stands to revolutionize the way that utilities and subsurface features are managed, ensuring that costly mistakes become a thing of the past.

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Additional Resources

• Tech in Asia
• Wikipedia: Geophysical Intelligence
• NoCamels
• Google Search: underground mapping technology
• The Jerusalem Post
• Google Scholar: underground mapping
• Ynet News
• Encyclopedia Britannica: Geophysics
• Calcalist Tech
• Google News: construction technology