Israeli startup Exodigo, which develops underground scanning techniques for development and infrastructure firms, primarily based on expertise developed by officers from IDF intelligence items 8200 and 81, has raised $96 million at an estimated firm valuation of $600-700 million. As a part of the spherical, traders are shopping for shares from veteran workers and the founders for $10-15 million in money in a “secondary” deal. The corporate declined to touch upon its valuation and secondary spherical, and solely revealed the fundraising figures, however it represents a doubling of the corporate’s valuation in contrast with the earlier spherical two years in the past.
In an uncommon transfer that isn’t widespread within the enterprise capital business, the spherical is being led by current traders: Oren Zeev’s Zeev Ventures, a fund that additionally consists of Peter Thiel, one of many founders of PayPal, Palantir and the primary investor in Meta, and the Israeli-US fund Greenfield, based by Shai Greenfield and Yehuda Doron. Zeev has led the fundraising rounds because the seed spherical, and that is his third time main the spherical, this time alongside Greenfield, which additionally led the earlier Collection A spherical.
Different current traders collaborating within the spherical are Assaf Jacobi’s Jibe Ventures, Israel’s 10D, and Australia’s Sq. Peg, a few of whom have been seed traders within the firm, and new traders Alan Feld’s Classic Funding Companions and LeBlon Capital, a German enterprise capital fund that has invested in Israeli defense-tech firms, together with Kela. The corporate aimed for an $85 million spherical, with traders keen to speculate $150 million signing up, however in the end the spherical closed at $96 million. US enterprise capital funds are conspicuous by their absence, and it’s attainable that they may lead the subsequent spherical.
The spherical has been accomplished within the wake of a technological and enterprise leap by Exodigo The corporate, which has developed a multi-sensor system and instruments for scanning underground and decoding within the cloud, gives on demand subject service has discovered a brand new approach to make its service develop rapidly by renting tools to contracting firms all through the US. This manner, the corporate doesn’t must carry out the service itself and may signal extra offers. Nevertheless, the product just isn’t but prepared for rental for self-use and Exodigo remains to be required to offer coaching. The brand new spherical will enable the corporate to develop a equipment that features a trolley, drone and extra sensors with which firms can carry out the work themselves. The second milestone that led to the financing spherical is the numerous enlargement within the US, an achievement over the previous 18 months, after being energetic primarily in Israel when the earlier spherical was accomplished.
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Exodigo, which was ranked first on Globes’ listing of ten most promising startups final yr, has developed a system that scans and maps the subsoil at development websites for housing, workplaces, or transport, gasoline, telecom and electrical energy infrastructure. An actual property developer or a railway firm can save tens of millions of {dollars} and months of delay by correctly mapping the land on or beneath which it intends to construct, pave a highway, or railroad: Usually, {an electrical} cable, water, or gasoline pipe that was not drawn on the unique map can delay development initiatives and make them considerably dearer, and generally even result in a lawsuit in opposition to the developer. Exodigo just lately launched a brand new product – geophysical scanning of subsoil layers – the power to establish clay, rock, or groundwater, info that may present broader engineering choices for the shopper.
The corporate’s two merchandise – underground pipeline identification and geophysical identification – put together the bottom – actually – for a wise advice system that may extract insights from the scanner and current them to the shopper.
Exodigo cofounder and CEO Jeremy Suard says, “It is not sufficient for the development firm to comprehend that it has a gasoline pipeline that wasn’t on the unique maps beneath its development plan, and it wants to maneuver it. It principally wants a shifting plan and utilizing AI, we’ll assist it with suggestions bearing in mind the excavation fee and the terrain.” This mannequin of hourly or project-based recommendation, mixed with an AI product that gives suggestions for motion, reminds lots of Palantir and gives traders with an perception into the corporate’s future enterprise mannequin.
Exodigo’s providers aren’t low-cost. A contract can value a number of hundred thousand {dollars}, however the financial savings in delays and authorized processes discourages builders from taking the gamble of beginning development with out satisfactory underground mapping. In response to estimates, the corporate’s annual income is $20-30 million, and by the tip of the yr it plans to signal agreements value $100 million unfold over a number of years. The corporate advantages from authorities shoppers – infrastructure and transport firms – a few of whom are repeat prospects.
Suard provides, “Exodigo has set a brand new world commonplace for 3D underground intelligence. Since launching, we’ve labored carefully with business leaders to transition from the established order of lacking as much as 50 p.c of underground utilities to 99 p.c accuracy with none digging. Our group has pushed large progress in just some brief years and we see limitless potential for the enlargement of our underground mapping improvements as leaders across the globe push to grasp the underground and embrace AI to drive a brand new period of security and effectivity.”
Zeev Ventures founding companion Oren Zeev says, “Exodigo is leveraging AI applied sciences in geophysics to unravel subsurface mapping challenges in a market estimated at $500 billion. An correct image of what’s taking place under the floor may save tens of billions of {dollars} in quite a lot of industries experiencing progress momentum around the globe. The corporate’s leaders are world pioneers in AI and multi-sensing underground intelligence, who’ve created a very new market and is driving unprecedented progress with infinite alternatives for enlargement throughout underground investigation purposes.”
Printed by Globes, Israel enterprise information – en.globes.co.il – on July 16, 2025.
© Copyright of Globes Writer Itonut (1983) Ltd., 2025.
