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Israeli startup Exodigo has raised $29 million
Exodigo, whose technology combines advanced 3D imaging, sensors, and artificial intelligence (AI) to map subterranean for construction, mining, and utility companies, today (February 17th) announced the closure of a seed funding round of $29 million, led by Zeev Ventures and 10D Ventures. The round also included participation from Square Peg Capital, JIBE Ventures, Tidhar Construction, Israel Canada and WXG Ltd. On top of their funding news, Exodigo also announced the commercial availability of its ground-breaking technology in Israel and the United States.
Every year, an estimated $100 billion is spent on unnecessary excavation and drilling to discover what lies underground in order to avoid hitting gas pipelines, water sources, oil, and other potential hazards hidden beneath the surface. The constant use of heavy equipment creates greenhouse gas emissions, wastes billions of dollars per year, damages our planet, and causes spills and explosions that can cost money, and lives. For example, the Common Ground Alliance estimates $30 billion in societal costs resulting from damages to critical U.S. underground infrastructure each year. It is clear that traditional underground discovery techniques are grossly outdated and incredibly inaccurate.
Exodigo is trying to move the underground mapping industry forward, with its proprietary technology. Their sensor system uses drones and small carts, which can provide 3D subsurface imaging, but without the need for exploratory excavation; it can rapidly create digital geolocated, 3D maps of buried assets, from man-made pipes, cables, and utilities, to soil layers, rocks, minerals, and even groundwater, across any terrain. They are providing the next generation of surface imaging, with precise and complete data faster than any other solution. Essentially, their mission is to provide safer and more sustainable ways to effectively see underground, while helping businesses avoid unexpected consequences like spills and explosions that could cost millions of dollars each year; they power smart drilling and sustainable operations by minimizing the rise during the discovery process across industries.
With the commercial launch of their product, Exodigo is giving construction, mining, and utility companies a better way to know exactly what is underground so they can make informed decisions before they start designing, construction, or resource excavation; Exodigo is creating a new gold standard for subsurface mapping solutions and nonintrusive discovery.
With the capital from the seed funding, the company plans to accelerate its expansion, with a focus on building a California-based team to support the commercial rollout in the United States. They will also commence pilot projects in California, Florida, and Texas in the weeks ahead. Moreover, Yahal Zilka from 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.
As Jeremy Suard, co-founder, and CEO of Exodigo’s, explained, “It is time to end 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.”
Exodigo was founded in 2021 by Ido Genon (CTO), Yogev Shifman (CPO), and Jeremy Suard (CEO). They are currently working with Israel government utilities and transportation agencies, as well as Tidhar Construction, Israel-Canada and WXG.
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What do you know about the Israeli high-tech ecosystem? Have any insider info, tips, or ideas for an article? Email me at alissa@geektime.com!
What do you know about the Israeli high-tech ecosystem? Have any insider info, tips, or ideas for an article? Email me at alissa@geektime.com!
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