Key Takeaways
- Exodigo, an Israeli start-up, secured $96 million in a Series B financing round, totaling $214 million since 2021.
- The company utilizes AI and advanced sensors to create accurate underground maps, enhancing infrastructure project efficiency.
- High-profile clients include Amtrak and various state transportation agencies, with $75 billion in investment derisked through their services.
Innovative Underground Mapping Technology
Exodigo, a Tel Aviv and Palo Alto-based start-up, has made strides in revolutionizing underground mapping through artificial intelligence. The company recently announced the closure of a $96 million Series B financing round, bringing its total funding to $214 million since its inception in 2021.
Exodigo’s innovative technology integrates various sensors, 3D imaging, and a proprietary AI platform to “see” underground structures. Initially focusing on mapping buried utilities like pipes and wires, the technology is significantly beneficial for designing new infrastructure such as buildings, subways, and highways. This approach mitigates unnecessary excavation, resulting in time and cost savings for infrastructure, transit, and utility providers.
A key component of Exodigo’s offering is its AI database, which contains over 350 terabytes of data. This extensive dataset allows the conversion of raw signal processing and engineering data into detailed, 3D Building Information Modeling (BIM)-compliant maps, achieving accuracy down to mere centimeters. According to Exodigo, its advanced dual AI engine specializes in geophysics and 3D visualization, complemented by an integrated stack of proprietary hardware and software.
The recent financing round was spearheaded by early investors, Zeev Ventures and Greenfield Partners, with additional contributions from 10D VC, SquarePeg, Jibe, and Vintage Partners. Raz Mangel, a partner at Greenfield, emphasized Exodigo’s role in redefining AI applications in geophysics and its potential to unlock a $500 billion market by providing precise underground visibility. This capability is expected to yield tens of billions of dollars in efficiency savings across various industries and global growth areas.
Exodigo has garnered attention from several high-profile clients, including Amtrak and the California High-Speed Rail Authority, along with various state transportation departments, such as those in Florida and Kansas. In the past year, the company has helped derisk over $75 billion in investment throughout the United States by delivering crucial, detailed subsurface information for a variety of federal, state, and local projects.
The latest funding will be allocated to accelerate Exodigo’s research and development initiatives. CEO Jeremy Suard noted the company’s mission to transition the industry from the conventional practice of missing up to 50% of underground utilities to achieving a remarkable 99% accuracy without the need for digging. This transition not only enhances project efficiency but also represents a significant advancement in the field of underground mapping technologies.
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