Underground mapping startup Exodigo raises $96M, hits $700M valuation

Exodigo, a company that provides underground mapping technology, has raised $96 million in a Series B round. While the company did not disclose its current valuation, it is estimated to be around $700 million. The funding was co-led by Oren Zeev’s Zeev Ventures and Greenfield Partners, with participation from existing investors 10D, Square Peg, and JIBE, as well as new investors Vintage Partners and Leblon Capital. The round brings Exodigo’s total funding since its founding to $214 million.

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Founded in 2021, Exodigo is led by CEO Jeremy Suard and CTO Ido Gonen, both alumni of Israel’s elite military technology units 81 and 8200. The company currently employs 395 people, with 345 based in Israel and the remainder in the U.S. and Europe. About ten percent of the new funding was used to purchase shares from veteran employees through a secondary transaction.

“The company is expanding rapidly in the U.S., with many major clients signing long-term contracts with us,” CEO Suard told Calcalist. “We’re seeing very strong momentum. We’re also making significant progress toward greater efficiency through the transition to autonomous operations. Our new developments will soon deliver new types of data, including a detailed soil map that will provide engineering recommendations for infrastructure projects. By combining subsurface and infrastructure information, we’re building an engineering company powered by artificial intelligence. I plan to double our tech workforce and hire an additional 100 engineers. We need fresh capital to fuel every department so we can turn our plans into products.”

"We sign many multi-million-dollar contracts every year, although they take time to finalize,” Suard added. “By year-end, we expect to have at least ten clients, each contributing multi-million-dollar contracts that renew consistently. This gives us clear long-term visibility, as we know what projects these clients will pursue over the next decade.”

"In the construction industry, there’s no company growing at our pace. In our sales model and operations, we’re similar to Palantir. We sell products, not hours. In infrastructure, the hourly billing model is flawed, we offer an outcome-based model instead, which the market is embracing.”

In every infrastructure project, from tunnels and railways to energy, water systems, and urban renewal, the greatest risk often lies underground. Partial or inaccurate information about buried infrastructure, soil conditions, rocks, voids, or groundwater can cause planning errors, poor execution choices, budget overruns, safety hazards, and damage to existing infrastructure, ultimately impacting public welfare. The lack of reliable subsurface information is also a major cause of project delays worldwide.

Exodigo has developed a remote sensing and underground mapping system that enables early detection of hidden infrastructure, geological features, and other potential risks. Its technology delivers a comprehensive view of buried assets such as pipes and cables, as well as rock formations, groundwater, sinkholes, cavities, graves, and more.

Over the past year, Exodigo’s technology has been deployed on projects worth over $75 billion across 18 countries. Its customers include more than 50 transportation authorities, municipalities, and engineering and infrastructure firms worldwide, such as Amtrak, the California High-Speed Rail Authority, Pacific Gas & Electric, and energy giant National Grid, which is also an investor. Exodigo operates in major U.S. cities, including Chicago, Dallas, Denver, Kansas City, Los Angeles, Miami, New York, and Seattle, where dense underground infrastructure makes risk especially high.

In Europe, Exodigo works with national gas companies in Italy and France, the UK’s HS2 high-speed rail project, and leading planning and engineering firms such as HNTB, Aecom, HDR, Vinci, and Colas Rail. It is also active in Israel, with clients including the Israel Electric Corporation, NTA, Israel Railways, Cross Israel Highway, WSP, Canada Israel, and others.

Oren Zeev, Founding Partner at Zeev Ventures, said: “Exodigo leverages AI in geophysics to solve the challenges of underground mapping in a market estimated at $500 billion. Having an accurate picture of what lies underground can save tens of billions of dollars across many fast-growing industries. The company’s leaders are global pioneers in AI and subsurface intelligence, creating an entirely new category with extraordinary growth and endless expansion opportunities.”

Raz Mengal, Partner at Greenfield Partners, added: “Exodigo solves one of the construction industry’s toughest, longest-standing problems: the unknown underground. By combining advanced sensors, deep-tech, and AI, it does what no one else has done before. The company’s remarkable growth and strong customer demand made us eager to lead another funding round.”

tion to autonomous operations. Our new developments will soon deliver new types of data, including a detailed soil map that will provide engineering recommendations for infrastructure projects. By combining subsurface and infrastructure information, we’re building an engineering company powered by artificial intelligence. I plan to double our tech workforce and hire an additional 100 engineers. We need fresh capital to fuel every department so we can turn our plans into products.”

"We sign many multi-million-dollar contracts every year, although they take time to finalize,” Suard added. “By year-end, we expect to have at least ten clients, each contributing multi-million-dollar contracts that renew consistently. This gives us clear long-term visibility, as we know what projects these clients will pursue over the next decade.”

"In the construction industry, there’s no company growing at our pace. In our sales model and operations, we’re similar to Palantir. We sell products, not hours. In infrastructure, the hourly billing model is flawed, we offer an outcome-based model instead, which the market is embracing.”

In every infrastructure project, from tunnels and railways to energy, water systems, and urban renewal, the greatest risk often lies underground. Partial or inaccurate information about buried infrastructure, soil conditions, rocks, voids, or groundwater can cause planning errors, poor execution choices, budget overruns, safety hazards, and damage to existing infrastructure, ultimately impacting public welfare. The lack of reliable subsurface information is also a major cause of project delays worldwide.

Exodigo has developed a remote sensing and underground mapping system that enables early detection of hidden infrastructure, geological features, and other potential risks. Its technology delivers a comprehensive view of buried assets such as pipes and cables, as well as rock formations, groundwater, sinkholes, cavities, graves, and more.

Over the past year, Exodigo’s technology has been deployed on projects worth over $75 billion across 18 countries. Its customers include more than 50 transportation authorities, municipalities, and engineering and infrastructure firms worldwide, such as Amtrak, the California High-Speed Rail Authority, Pacific Gas & Electric, and energy giant National Grid, which is also an investor. Exodigo operates in major U.S. cities, including Chicago, Dallas, Denver, Kansas City, Los Angeles, Miami, New York, and Seattle, where dense underground infrastructure makes risk especially high.

In Europe, Exodigo works with national gas companies in Italy and France, the UK’s HS2 high-speed rail project, and leading planning and engineering firms such as HNTB, Aecom, HDR, Vinci, and Colas Rail. It is also active in Israel, with clients including the Israel Electric Corporation, NTA, Israel Railways, Cross Israel Highway, WSP, Canada Israel, and others.

Oren Zeev, Founding Partner at Zeev Ventures, said: “Exodigo leverages AI in geophysics to solve the challenges of underground mapping in a market estimated at $500 billion. Having an accurate picture of what lies underground can save tens of billions of dollars across many fast-growing industries. The company’s leaders are global pioneers in AI and subsurface intelligence, creating an entirely new category with extraordinary growth and endless expansion opportunities.”

Raz Mengal, Partner at Greenfield Partners, added: “Exodigo solves one of the construction industry’s toughest, longest-standing problems: the unknown underground. By combining advanced sensors, deep-tech, and AI, it does what no one else has done before. The company’s remarkable growth and strong customer demand made us eager to lead another funding round.”