News Summary
Exodigo, an Israeli startup focused on geophysical intelligence, has raised $96 million in Series B funding. This investment will bolster its global expansion efforts and enhance its underground mapping solutions that utilize AI and multi-sensor technology. The funding round, co-led by existing investors, doubled the company’s valuation to $214 million. Exodigo aims to reduce construction risks and costs associated with utility strikes, with plans to expand its operations particularly in Europe. The company also plans to develop more advanced underground data tools and has appointed new board members for future initiatives.
Exodigo Secures $96 Million in Series B Funding for Global Expansion
Exodigo, an Israel-based startup specializing in geophysical intelligence, has successfully raised $96 million in a Series B funding round. This substantial investment aims to accelerate the company’s efforts in international expansion and enhance its advanced underground mapping solutions, which leverage AI and multi-sensor technology for underground detection.
This latest funding round has effectively doubled Exodigo’s valuation, bringing the total funding raised by the company since its inception in 2021 to an impressive $214 million. The Series B funding was co-led by existing investors Zeev Ventures and Greenfield Partners, while new investment came from Vintage Investment Partners and Leblon Capital.
Technology for Efficient Underground Mapping
Exodigo specializes in mapping underground utilities, pipes, and subsurface features, which plays a crucial role in reducing excavation risks on construction sites. Utilizing a combination of AI, advanced sensors, and 3D imaging, the startup has implemented a platform that not only improves safety but also helps mitigate costly issues such as unnecessary digging and environmental disruption.
Presently, Exodigo’s technology is utilized by over 50 agencies and utilities from around the world, significantly enhancing the efficiency of infrastructure projects. Notable clients include major US organizations like Amtrak, LA Metro, and the Florida and Kansas Departments of Transportation. Moreover, the technology is employed by the National Grid in the UK, which also manages energy assets in states like New York, Massachusetts, and Rhode Island.
Reducing Costs in the Construction Sector
The potential for savings using Exodigo’s solutions is substantial, with experts estimating that it could drive tens of billions of dollars in efficiency savings across the construction sector. The company is actively involved in supporting significant infrastructure projects, which include Amtrak’s ‘New Era’ modernization program and California’s high-speed rail initiative.
The construction industry faces enormous costs associated with utility strikes, which can exceed $30 billion annually in the US due to excavation and exploratory drilling errors. Exodigo’s technology serves as a proactive solution that aims to prevent such costly mistakes by providing a detailed and accurate view of underground conditions.
Future Plans and Global Expansion
Exodigo, currently employing a global team of 400 professionals, anticipates growth in its workforce as it seeks to enter new markets and enhance its presence, particularly in Europe. The company is focusing on expanding its operations in the UK, France, and Italy, while continuing to fortify its leadership position in both the Israeli and US markets.
In addition to geographical expansion, Exodigo plans to develop more comprehensive underground data tools, thereby enhancing the accuracy and precision of its scanning capabilities. Presently, the company retrieves over 500 GB of data per scanned acre and is constantly refining its algorithms to boost performance.
New Developments and Leadership Changes
As part of the funding deal, Exodigo will see the appointment of new board members from Greenfield Partners and SquarePeg Ventures. This fresh leadership will likely aid the startup in steering its future initiatives, ensuring that it remains at the forefront of technological advancements in underground mapping.
Exodigo’s commitment to innovation and its strategic focus on improving infrastructure efficiency promises to redefine the landscape of construction and utility management not only in the US but on a global scale.
Deeper Dive: News & Info About This Topic
Additional Resources
- Tech in Asia
- Wikipedia: Geophysical Intelligence
- NoCamels
- Google Search: underground mapping technology
- The Jerusalem Post
- Google Scholar: underground mapping
- Ynet News
- Encyclopedia Britannica: Geophysics
- Calcalist Tech
- Google News: construction technology
Author: Construction FL News
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