Exodigo, a company that makes technology to map what’s underground, has raised $96 million in a new round of funding (called a Series B round). While the company didn’t share exactly how much it’s worth now, people estimate its value to be around $700 million.
The funding was led by two investment firms: Zeev Ventures (run by Oren Zeev) and Greenfield Partners. Other investors also joined in—some who had already invested before, like 10D, Square Peg, and JIBE, and some new ones, like Vintage Partners and Leblon Capital.
Since it started, Exodigo has now raised a total of $214 million.
Exodigo was started in 2021 and is led by CEO Jeremy Suard and CTO Ido Gonen. Both of them served in Israel’s top military tech units, 81 and 8200.
The company now has 395 employees — 345 of them work in Israel, and the rest are in the U.S. and Europe.
About 10% of the new funding was used to buy shares from long-time employees, giving them a chance to cash out some of their stock.
“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 almost every big construction project — like building tunnels, railways, energy systems, water pipes, or fixing up cities — the biggest risk is what’s hidden underground.
Suppose builders don’t have full or accurate information about things like old pipes, soil type, rocks, empty spaces, or underground water. In that case, it can lead to mistakes in planning, unsafe work, going over budget, and damaging what’s already there. These problems can slow down projects and even affect public safety.
Exodigo has created a special system that uses remote sensing to scan the ground and create detailed underground maps. This helps teams spot hidden things early on — like pipes, cables, rocks, water, sinkholes, graves, and more — so they can plan better and avoid surprises.
Over the past year, Exodigo’s technology has been used in projects worth over $75 billion across 18 different countries. More than 50 customers use their underground mapping system, including transportation agencies, city governments, and big engineering and infrastructure companies. Some well-known customers are Amtrak, the California High-Speed Rail Authority, Pacific Gas & Electric, and National Grid, which is also one of Exodigo’s investors.
In the U.S., Exodigo is active in major cities like Chicago, Dallas, Denver, Kansas City, Los Angeles, Miami, New York, and Seattle. These cities have complex underground systems, which makes the risk of hitting hidden pipes or cables especially high.
In Europe, Exodigo works with national gas companies in Italy and France, the UK’s HS2 high-speed rail project, and top engineering firms like HNTB, Aecom, HDR, Vinci, and Colas Rail.
Exodigo also works in Israel with companies like 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.”
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