Exodigo’s underground mapping technology, which leverages sensors and A to create 3D images of sub-surface areas, continues to draw investor interest.
Less than a year and a half after announcing a $105 million Series A funding round, the Palo Alto, California, company is back with a $96 million Series B round that brings its total funding to $214 million.
Previous investors Zeev Ventures and Greenfield Partners co-led the Series B with participation from existing investors 10D VC, SquarePeg and JIBE, alongside new investors Vintage Partners and Leblon Capital, the company said, adding that since its Series A round, Exodigo has doubled its valuation and grown its team to 400 employees worldwide. The company said it will use the new capital to further build out its global team, accelerate the development of a suite of underground data solutions, and expand into new regional markets.
Over the last four years since its debut, Exodigo has landed projects with more than 50 transit agencies, departments of transportation (DOTs), municipalities, and utilities around the world. Clients include Amtrak, California High-Speed Rail Authority, Florida DOT, Gateway Development Commission, Kansas DOT, LA Metro, Metropolitan Transportation Authority, Southeastern Pennsylvania Transportation Authority (SEPTA), and Sound Transit.
With ongoing expansion in mind, it is fair to wonder if Exodigo eventually will go public. Jeremy Suard, co-founder and CEO of the firm, told Fierce Electronics via e-mail, "While we are not currently planning an IPO, it is certainly a long-term goal. We are always exploring the best possible growth path to deliver the continued innovation, service and results our clients need."
The need among the varied client list named above is clear. Exodigo noted that, according to McKinsey & Company, 98% of mega-projects incur cost overruns or delays, with an average cost increase of 80% and slippage of 20 months. Every year, companies and governments spend more than $100 billion on excavation and drilling to discover what is underground due to inaccurate and incomplete data. Using sensors and AI to provide a more accurate picture of what is below the surface, such as unknown or long-forgotten buried pipes, wires, and other infrastructure, is both an environmentally-friendly method and an economical one.
“Exodigo is redefining AI for geophysics in an effort to solve the underground and unlock a $500 billion market. Providing access to precise underground visibility has the potential to drive tens of billions of dollars in efficiency savings across a variety of industries and global growth centers,” said Raz Mangel, Partner, Greenfield Partners, in a statement.
Having a massive AI database (more than 350TB of data) helps the company to correctly convert raw data signal processing and engineering data into 3D BIM-compliant maps, with positional accuracies down to inches or centimeters fused with above-ground imagery for a clear, combined view, the company said.
With the new funding, Exodigo also said it will intensify its R&D to speed the launch of its geotechnical risk reduction solution and continued development of its multi-faceted underground data platform, the company said. Similar to its initial utility investigation innovation, Exodigo is leveraging multiple sensors and cloud-based AI fusion to investigate subsurface conditions, including soil and rock properties, groundwater levels, and potential hazards, to inform engineering design and reduce the volume of intrusive work required.