Exodigo grabs $29m seed

Exodigo, a tech company, has raised $29 million in seed funding.

Exodigo, a tech company, has raised $29 million in seed funding. Zeev Ventures and 10D Ventures led the round.

PRESS RELEASE

TEL AVIV and PALO ALTO, CALIF. – February 17, 2022 —Exodigo, a technology innovator combining the power of proprietary advances in 3D imaging, sensors and artificial intelligence (AI), today announced the commercial availability of its groundbreaking nonintrusive subterranean mapping platform for construction, mining and utility companies in the United States and Israel. 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.

“Traditional underground discovery techniques are grossly outdated and incredibly inaccurate.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,” said Gil Geva, CEO of Tidhar Construction.

Every year, Exodigo estimates that more than $100B 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. 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 $30B 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. Watch the video here.

“Offering next-generation noninvasive subsurface imaging, Exodigo delivers precise and complete data faster than other solutions,” noted Asaf Touchmair, owner and chairman of the board, Israel Canada, the leading development group in Israel. “Exodigo can help businesses avoid unexpected consequences like spills and explosions that cost millions of dollars each year and lost time accidents.”

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. In its first live demonstration, Exodigo proved its ability to safely and accurately identify underground utilities, abandoned lines, and ground layers in a remote, unmapped area. Watch the video for an inside look at feedback from strategic partners and utilities in Israel about how this revolution in underground mapping can inform better business decisions.

“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,” added Jeremy Suard, co-founder and CEO of Exodigo. “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.”

Exodigo will commence pilot projects in California, Florida and Texas in the weeks ahead. 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.