Exodigo, a Tel Aviv and San Francisco Bay Area-based non-intrusive subsurface imaging platform, announced the extension of its seed round to $41 million.
The company also secured a multi-million dollar investment from National Grid Partners (NGP), the corporate venture and innovation arm of National Grid, as part of its commitment to fighting climate change. Exodigo will use the funds to meet intense market demand for its solutions
“Our AI-powered subsurface mapping platform provides a safer, more sustainable way for utility companies and infrastructure/building leaders to properly plan and execute projects,” noted Exodigo Cofounder and CTO Ido Gonen. “The underground is one of the most complicated imaging frontiers because underground signals are extremely varied and difficult to interpret. As the first to successfully combine all underground signals into one matrix, Exodigo has earned tremendous recognition in our first year out of stealth.”
Since its commercial availability (June 2022), Exodigo has been rapidly adopted by 20+ leaders across utilities, construction, and transportation across the United States, Europe, and Israel.
In the year ahead, Exodigo plans to deepen its foothold within the transportation and energy sectors, as well as expand across the construction and infrastructure ecosystem, with a continued focus on expanding its teams and enterprise customer reach across the United States, Israel, and Europe.
In the future, Exodigo will also scale its solutions to solve other underground problems like sinkhole risk evaluation, precise bedrock and water-level models, rare metal exploration, and underground development projects.
Company: Exodigo Ltd.
Raised: $41.0M
Round: Seed Round
Funding Month: January 2023
Lead Investors:
Additional Investors: National Grid Partners
Company Website: https://www.exodigo.com/
Software Category: Subsurface Mapping Platform
About the Company: Exodigo is a revolutionary, non-intrusive subsurface imaging platform that provides a digital geolocated 3D map of buried assets. It combines multi-sensor fusion and artificial intelligence to dramatically improve accuracy and time to map, which reduces damages and costs associated with unnecessary excavation. Its platform can detect any buried object, from man-made pipes and cables to soil layers, rocks, minerals, and even groundwater. It also works at any scale and terrain, from crowded urban environments to vast rural ones. The company’s goal is to minimize the number of excavations and loss of revenue caused by unexpected utilities, de-risking the entire project.
Source: https://www.exodigo.com/press/exodigo-leads-new-era-of-safer-more-sustainable-underground-exploration