Home » Investment boost for firm’s underground mapping AI tech

Investment boost for firm’s underground mapping AI tech

by Mark Cantrell
An underground mapping startup firm has brought in more than £82m from its latest funding round to help bring artificial intelligence to the UK infrastructure industry.

An underground mapping startup firm has brought in more than £82m from its latest funding round to help bring artificial intelligence to the UK infrastructure industry.

Exodigo – which counts former Crossrail chief executive Simon Wright OBE as an advisor – plans to use the raised capital to invest in its UK and European team, and expand its range of scanning products.

The technology is said to accurately identify and categorise underground assets and hazards.

The geospatial specialist uses sensors and AI technology to identify utilities and other underground assets, and is said to have been used successfully on major projects across the UK.

Most recently, the technology was deployed by Colas Rail on its Birmingham Midland Metro Extension project, which extends the current light rail network, and will also connect to the Curzon Street HS2 station currently under construction.

With this announcement of the additional round – which takes the overall total of funding past £93m – Exodigo will now expand its teams on the ground in the UK, allowing it to better support some of the nation’s biggest infrastructure projects.

Aurelia Setton, Exodigo’s chief business officer, said: “This new round of funding will fuel more strategic investments in the UK and in Europe. Our partners are already seeing the benefits of working with Exodigo, particularly on their ability to deliver projects at scale, on time, within budget, and safely.

“Utility strikes are an issue around the globe, leading to unnecessary emissions, risks, delays and budget overspend, but our solutions locate up to 30% more utility lines than other services, and reduce preliminary digging and trial holes by up to 90%. This funding will open up even more opportunities to scale across new verticals in the UK and in Europe.”

Jointly headquartered in Silicon Valley and Tel Aviv, Israel, Exodigo runs its UK operations out of its London office in Farringdon.

The funding round has been co-led by Greenfield Partners, and existing investor Zeev Ventures, and is further backed by existing investors SquarePeg, 10D VC, JIBE and National Grid Partners.

Raz Mangel, partner at Greenfield Partners, said: “Exodigo is one of those rare companies that has managed to revolutionise a large market that is difficult to innovate in, by combining breakthroughs on both the software and hardware side in order to create unparalleled technology for non-intrusive underground mapping. The company operates with a unique intensity, leading to incredible market and product velocity.

“The company operates with a unique intensity, leading to incredible market and product velocity. We’re thrilled to partner with Jeremy and the entire Exodigo team to play a part in the next phase of their global expansion as the company makes underground mapping and exploration a reality for the mass market.”

Jeremy Suard, co-founder and chief executive of Exodigo, said: “We want to transform the entire built environment, and are committed to making underground exploration safer, faster, and more sustainable so our customers can design, dig and build safely with confidence. As the only subsurface imaging company to put AI-interpreted signal processing into practice, Exodigo solves a massive, long-standing problem for industries where what lies underground matters.”

Main image: Jeremy Suard, co-founder and chief executive of Exodigo


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