Mapping startup secures £82m for AI project

A startup focused on underground mapping has secured over £82m in its latest funding round, as it looks to introduce artificial intelligence to the UK infrastructure sector.

Exodigo, with former Crossrail CEO Simon Wright OBE as an advisor, plans to use the funds to strengthen its UK and European teams and improve its scanning products.

These products utilise sensors and AI to accurately detect and categorise underground hazards and assets, aiding major projects across the UK.

One recent application was on the Birmingham Midland Metro Extension project by Colas Rail, which expanded the light rail network and links to the Curzon Street HS2 station.

Raz Mangel, partner at Greenfield Partners said: “Exodigo is one of those rare companies that has managed to revolutionize 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.”

Based in both Silicon Valley and Tel Aviv, Israel, Exodigo operates its UK activities from its London office situated in Farringdon.

Greenfield Partners and current investor Zeev Ventures jointly spearheaded this funding round, with additional support from existing backers including SquarePeg, 10D VC, JIBE, and National Grid Partners.

Jeremy Suard, co-founder and CEO, 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, longstanding problem for industries where what lies underground matters.”