The company uses sensors and AI technology to identify utilities and other underground assets, and has been used successfully on major projects across the UK including Colas Rail’s Birmingham Midland Metro Extension project.
In a statement, Jeremy Suard, co-founder and CEO, Exodigo, said: “As the only subsurface imaging company to put AI-interpreted signal processing into practice, Exodigo solves a massive, longstanding problem for industries where what lies underground matters.”
Exodigo will use the capital to invest in its UK and European team and expand its range of scanning products, which identify and categorise underground hazards and assets.
Jointly headquartered in Silicon Valley and Tel Aviv, Israel, Exodigo runs its UK operations out of its London office.
Aurelia Setton, chief business officer of Exodigo, 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 per cent more utility lines than other services, and reduce preliminary digging and trial holes by up to 90 per cent.”
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.”
Study finds rooftop solar can deliver bulk of global electricity
How can a technology with a capacity factor of 10% (in the UK) possibly supply the bulk of OUR energy? <a...