Underground Mapping Innovator Doubles Valuation Based on Global Demand From Utility, Transportation and Infrastructure Leaders as Early Investors Double Down on Oversubscribed Growth Round
PALO ALTO, Calif. and TEL AVIV — Exodigo, the artificial intelligence (AI) and multi-sensing innovator modernizing underground data intelligence, today announced the close of a $96 million Series B round, for a total of $214 million in funding since its launch in 2021. Early investors Zeev Ventures and Greenfield Partners co-led the Series B with participation from existing investors 10D VC, Square Peg and JIBE, alongside new investors Vintage Investment Partners and Leblon Capital.
Reshaping how infrastructure, transit and utility companies manage underground risk, Exodigo continues to lead a complete reinvention of underground intelligence. Exodigo provides a way to see underground, with an initial focus on mapping buried pipes, wires and utility assets, to make designing and constructing new buildings, highways, subways, and other massive infrastructure projects safer, faster and more eco-friendly by avoiding unnecessary excavation, risks, delays and budget overruns.
“Led by world-class pioneers in AI and multi-sensing underground intelligence, Exodigo has created a completely new market and is driving unprecedented growth with infinite opportunities for expansion across underground investigation applications,” noted Oren Zeev, Founding Partner, Zeev Ventures. “The future of the underground and everything built above it depends on Exodigo.”
More than 50 transit agencies, department of transportations (DOTs), municipalities, and utilities around the world rely on Exodigo to make capital projects safer and more efficient, including Amtrak, California High-Speed Rail Authority, Florida DOT, Gateway Development Commission, Kansas DOT, LA Metro, Metropolitan Transportation Authority, National Grid, Southeastern Pennsylvania Transportation Authority (SEPTA), and Sound Transit. Since its Series A, Exodigo has doubled its valuation and grown its team to 400 employees worldwide. The company will use the new capital to further build out its global team, accelerate the development of a suite of underground data solutions, and expand into new regional markets.
“Exodigo is redefining AI for geophysics in an effort to solve the underground and unlock a $500B market. Providing access to precise underground visibility has the potential to drive tens of billions of dollars in efficiency savings across a variety of industries and global growth centers,” said Raz Mangel, Partner, Greenfield Partners.”
While the need for modernizing aging or insufficient infrastructure aimed at solving the transportation and lifestyle shifts of our global population is clear, massive infrastructure projects come with substantial risk. According to McKinsey & Company, 98 percent of mega-projects incur cost overruns or delays, with an average cost increase of 80 percent and slippage of 20 months. Every year, companies and governments spend more than $100 billion on excavation and drilling to discover what is underground due to inaccurate and incomplete data – leading to tremendous environmental and economic impact.
Proactively addressing risks, minimizing environmental concerns and staying on schedule and on budget is more important than ever before. In the last year alone, Exodigo has provided precise knowledge of subsurface assets to derisk more than $75B in federal, state, and local infrastructure investment – executing subsurface utility scans in 18 states across all types of terrains, including projects for the three biggest U.S. transit agencies, which have a combined annual capital budget of ~$16B, and four of the top 10 largest U.S. utility companies. Exodigo also more than doubled its U.S. field resources, enabling the company to deploy across the country, including to major cities like Chicago, Dallas, Denver, Kansas City, Los Angeles, Miami, New York, and Seattle where the volume and density of subsurface utilities—and therefore risk—is highest.
The only underground mapping platform that combines artificial intelligence, multiple advanced sensors and powerful 3D imaging to exhaustively scan, test millions of possible underground layouts and accurately map what lies beneath the surface, Exodigo is changing how and when companies seek out subsurface intelligence – bringing digging into the digital era. With the most comprehensive AI database (over 350TB of data) to correctly convert raw data signal processing and engineering data into 3D BIM-compliant maps, Exodigo is able to provide positional accuracies down to inches or centimeters fused with above-ground imagery for a clear, combined view. Exodigo has an advanced dual AI engine for geophysics, 3D visualization and AI agents with a fully integrated stack of proprietary hardware, software and high-quality data intelligence, supported by a growing network of proven field partners around the globe.
“Exodigo has set a new global standard for 3D underground intelligence. Since launching, we’ve worked closely with industry leaders to transition from the status quo of missing up to 50 percent of underground utilities to 99 percent accuracy without any digging,” added Jeremy Suard, Co-Founder and CEO of Exodigo. “Our team has driven tremendous growth in just a few short years and we see unlimited potential for the expansion of our underground mapping innovations as leaders around the globe push to understand the underground and embrace AI to drive a new era of safety and efficiency.”
With the new funding, Exodigo will intensify its R&D to speed the launch of its geotechnical risk reduction solution and continued development of its multi-faceted underground data platform. Similar to its initial utility investigation innovation, Exodigo is leveraging multiple sensors and cloud-based AI fusion to investigate subsurface conditions, including soil and rock properties, groundwater levels, and potential hazards, to inform engineering design and reduce the volume of intrusive work required.
About Exodigo
Transforming subsurface intelligence discovery, Exodigo combines advanced multi-sensing technology and AI to engineer the underground—without digging. Trusted by global leaders in transportation, energy, utilities, engineering, and construction, Exodigo empowers safer, smarter, and faster capital project execution. Backed by top-tier investors and recognized by TIME, Fast Company, and CB Insights for its innovation, Exodigo is headquartered in Palo Alto and Tel Aviv. Learn more at www.exodigo.com.
