- Exodigo recently announced it raised $29 million in seed funding. These are the details.
Exodigo – a technology innovator combining the power of proprietary advances in 3D imaging, sensors, and artificial intelligence (AI) – recently announced the commercial availability of its groundbreaking nonintrusive subterranean mapping platform for construction, mining, and utility companies in the U.S. and Israel. And the company also announced raising $29M in seed funding led by Zeev Ventures and 10D Ventures with participation from SquarePeg Capital and JIBE Ventures. Strategic industry leaders Tidhar Construction, Israel Canada, and WXG Ltd. also joined the round.
Every year, Exodigo estimates that over $100 billion is spent on unnecessary excavation and drilling to discover what lies underground in an attempt to avoid hitting gas pipelines, water sources, oil, and other potential hazards hidden beneath the surface. And the constant use of heavy equipment creates avoidable greenhouse gas emissions, wastes billions of dollars per year, damages our planet, and causes spills and explosions that can cost lives. As an example, the Common Ground Alliance estimates $30 billion in societal costs resulting from damages to critical U.S. underground infrastructure each year. Carried by drones or small carts, the Exodigo sensor system effectively provides 3D subsurface imaging that eliminates the need for exploratory excavation and powers smart drilling and sustainable operations by derisking the discovery process across industries.
Exodigo can rapidly create a digital geolocated, 3D map of buried assets – from man-made pipes and cables to soil layers, rocks, minerals, and even groundwater across any terrain. And in its first live demonstration, Exodigo proved its ability to safely and accurately identify underground utilities, abandoned lines, and ground layers in a remote and unmapped area.
Exodigo is going to commence pilot projects in California, Florida and Texas in the weeks ahead. And the company plans to use the funding to accelerate its expansion, with a focus on building a California-based team to support the commercial rollout in the United States. Yahal Zilka of 10D and Oren Zeev of Zeev Ventures have joined the Board of Directors to provide continued support and speed Exodigo’s market penetration by making critical connections throughout their extensive industry networks.
KEY QUOTES:
“Traditional underground discovery techniques are grossly outdated and incredibly inaccurate. Exodigo is the future of underground mapping. Led by a team with unequaled experience, Exodigo will solve costly, and at times devastatingly catastrophic, problems that have plagued developers and engineers for decades.”
– Gil Geva, CEO of Tidhar Construction
“Offering next-generation noninvasive subsurface imaging, Exodigo delivers precise and complete data faster than other solutions. Exodigo can help businesses avoid unexpected consequences like spills and explosions that cost millions of dollars each year and lost time accidents.”
– Asaf Touchmair, owner and chairman of the board, Israel Canada, the leading development group in Israel
“It is time to finally break ground on a safer, more sustainable and infinitely more precise method for subterranean discovery. Our powerful combination of advanced sensor technologies and proprietary AI platform provides users with a safe, fast way to get a complete view of what lies beneath the surface with unprecedented precision. Ending the era of blind digs, Exodigo gives companies an accurate, easy-to-understand map of what lies beneath the surface – empowering their teams to save time, money, and lives. Think of it like combining the scanning power of an MRI, CT scan and ultrasound all into one image of what is beneath the ground.”
– Jeremy Suard, co-founder and CEO of Exodigo
“The Exodigo team has a huge potential and the right passion and background to solve the complicated problem ahead of them. They are building a great company with elite personnel, and that is why I chose to co-lead their seed investment.”
– Oren Zeev, founding partner, Zeev Ventures
“Upon meeting the exceptional Exodigo team, we quickly realized and understood their unique domain expertise that to the best of our knowledge is non-existent anywhere in the world. The company is positioned to create a totally new category with its nonintrusive subsurface mapping. This was clearly a competitive deal, and we are privileged to have been chosen alongside Zeev Ventures as their investment partner.”
– Yahal Zilka, managing partner at 10D
“Opening up visibility to what’s underground is a new superpower that will help organizations save billions, while also significantly reducing environmental damage. The combination of the two makes Exodigo a fascinating company, and I’m so excited to support such a powerful team on this kind of journey.”
– Philippe Schwartz, managing partner at SquarePeg
