Pioneering the Future of Underground Mapping: Why Greenfield Partners Invested in Exodigo

Pioneering the Future of Underground Mapping: Why Greenfield Partners Invested in Exodigo

Pioneering the Future of Underground Mapping: Why Greenfield Partners Invested in Exodigo

Written by Raz Mangel, Ortal Sasson, Lior Sulkin, & Gabriel Suissa

‍Exodigo’s novel approach to underground mapping, utilizing non-intrusive, advanced multi-sensing technology combined with groundbreaking proprietary AI, is setting a new standard in the industry. As true visionaries, they are paving the way to revolutionize a fragmented, old-fashioned, and massive market for critical infrastructure and utility projects.

A Massive Market, Ripe for Disruption

The failure to deliver large construction projects on time and budget has become the industry norm. Despite the billions allocated annually to locate underground infrastructure before, during, and after construction, this expenditure isn't reducing the frequency or severity of underground utility damage. Over 90% of projects exceed their original cost and schedule estimates. The leading cause – inaccurate or missing information about underground infrastructure such as utility lines, power lines, pipes, and bedrock.

The market for existing solutions is fragmented, inadequate, and reliant on outdated methods, often necessitating disruptive practices like creating potholes and employing a variety of hardware solutions from locators and surveyors.

This status quo results in extended timelines and delays in project commencement, as well as incomplete coverage of underground assets, subsequently causing utility damage and the domino effect of further delays and substantial costs. Additionally, it heightens safety risks and contributes to increased carbon emissions. It has been estimated that unreliable location information about underground infrastructure represents a $50bn to $100bn annual loss to the U.S. economy.

Clearly, there is an immense need for a technology-driven solution to disrupt this market. The substantial gap between these significant challenges and the inadequacy of existing solutions presents a unique opportunity for a company to solve the technological complexity and become a leader in a new market category.

Enter Exodigo: Pioneers of Vertical AI for Underground Mapping

Exodigo has emerged as a groundbreaking player in this field by employing a non-intrusive, advanced multi-sensing scanning approach undergirded by proprietary AI technology. The company offers an end-to-end solution, from ground scanning to the complete delivery of a digital map, which is crucial for accurately detecting underground structures that impact critical infrastructure and utility projects.

AI plays a significant role in Exodigo’s ability to achieve an unprecedented 99% accuracy rate and deliver a map of the underground in a short time frame. After generating and processing a vast array of unique data, proprietary AI and ML algorithms are employed to transform the information into a comprehensive 3D model of the underground infrastructure, highlighting subsurface elements that could pose potential risks.

The ROI for customers is enormous. Increased accuracy without the need for invasive digging, drastically reducing the risk of unforeseen obstacles while significantly cutting down on the time and cost associated with underground mapping. This level of precision and efficiency is a game-changer for any project requiring subsurface insight.

It’s All About the People: An Exceptional, Visionary Team

Exodigo's remarkable achievements are anchored by its exceptional team comprised of veterans from the IDF's most elite intelligence units, uniquely positioned to tackle this massive challenge with nearly a decade of unparalleled expertise in AI and signal processing.

At the helm is CEO & Co-Founder Jeremy Suard, who was awarded the three highest Israeli Defense Force honors for technology and leadership excellence during his service in one of Israel’s elite army intelligence units, making him the most decorated technology major in the Israeli Army.

The company has continuously attracted top talent from the Israeli tech ecosystem, with a significant portion of its R&D team—roughly 70%—originating from the IDF's most distinguished intelligence units, providing Exodigo with a strategic advantage in executing the company’s mission and addressing its technological needs. This unique talent extends across the entire company, including strong GTM and Operations teams that, in just two years, managed to 'crack the code' on how to penetrate and sell to this very complex industry and successfully deliver many projects.

Exodigo’s journey and recent strong momentum present a highly compelling opportunity. Thecompany's ability to develop a differentiated solution using deep technology, combined with its robust GTM and Operations capabilities, helped establish a strong moat with substantial barriers to entry, and created an opportunity to invest behind a category-defining company that met all the criteria we were looking for as early-growth investors. This made us extremely excited about the company and the team behind it.

Founders Jeremy Suard and Ido Gonen

It's Just the Beginning: Significant Market Opportunity Lies Ahead

Exodigo is already making waves by signing partnerships with top industry leaders like HNTB, LA Metro, and National Grid, among others, yet they're just scratching the surface of a vast, untapped market. Their groundbreaking technology carries a broader application for many verticals and use cases worldwide beyond utility, transportation, and infrastructure. This translates to a TAM reflecting immense potential for growth and expansion.

We have been closely tracking the company for almost two years and believe we are investing in the midst of an inflection point where the offering that Exodigo is pioneering will eventually become essential for critical infrastructure projects, setting a new standard in a large, outdated market. Exodigo is in a prime position to capture the momentum both as a first mover and by providing the deepest technological solution. We strongly believe in Exodigo’s ability to transform this industry and become the category leader.

The Road Ahead

We cannot wait to get to work in support of the business and do our part to contribute to the growth of Exodigo as it scales significantly in the coming years.

Exodigo is one of those rare companies that has managed to revolutionize a large market that is difficult to innovate in. The company operates with a unique intensity, leading to incredible market and product velocity. We are thrilled 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.

We look forward to the exciting journey ahead with Jeremy, Ido, Tamir, Aurelia, Oriel, Ofir and the entire Exodigo team, and to join the strong investor syndicate including Zeev Ventures, 10D, Square Peg, National Grid, and Jibe Ventures on this special ride.