Exodigo secures $118 million in funding to develop underground mapping technology
(UI) – Exodigo 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 pursue 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.
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.
Exodigo calculates that companies spend more than $100 billion 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 provides complete, accurate pictures of what lies beneath the surface to mitigate financial, environmental, and safety-related risks. Combining multiple types of sensors, 3D imaging, cloud computing simulations and a proprietary AI platform, Exodigo fuses massive amounts of data into one map so companies can see risks and assets underground. According to a company statement, Exodigo typically locates 20-30% more utility lines than premium locators and reduces preliminary digging/drilling by up to 90%, so construction teams only excavate where necessary.
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.
"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."
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