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Exodigo raises $105M for underground mapping

A worker using a tool to map the underground landscape, made by Exodigo

A worker uses a scanner to collect data about the subsurface environment. Photo courtesy of Exodigo

Underground mapping startup Exodigo has raised a $105 million round to expand its business.

Why it matters: Infrastructure-heavy industries like utilities and transportation are turning to AI and computing tech to get more data about their assets.

Zoom in: Exodigo, based in Palo Alto, Calif., and Tel Aviv, raised the Series A round led by Greenfield Partners and Zeev Ventures.

  • Other investors in the round included SquarePeg, 10D VC, JIBE and National Grid Partners.
  • The round also converted a $30 million previously secured in SAFEs (Simple Agreement for Future Equity) for a total of $118 million since its launch.
  • The company creates underground maps using hardware scanners and AI, enabling customers like construction companies, utilities and transportation firms to see subsurface assets.

Big picture: As the Biden administration kicks off an infrastructure and manufacturing boom, companies that are building infrastructure will need better data tools.

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