Exodigo, a provider of underground mapping technology, has raised US$96 million in a series B funding round.

The round was co-led by Zeev Ventures and Greenfield Partners, with participation from existing investors 10D, Square Peg, and JIBE, as well as new backers Vintage Partners and Leblon Capital.

The round brings Exodigo’s total funding to US$214 million, with an estimated valuation of US$700 million and 10% allocated for secondary share sales.

Founded in 2021 and based in Israel, Exodigo builds underground mapping tech to detect hidden infrastructure and reduce construction risks.

Over the past year, Exodigo’s technology has been used in projects valued at over US$75 billion across 18 countries.

Its clients include transportation authorities, municipalities, and engineering firms such as Amtrak, Pacific Gas & Electric, and France’s national gas company.

The company operates in major US cities including New York, Los Angeles, and Miami, as well as in Europe and Israel.

🔗 Source: Calcalist

🧠 Food for thought

1️⃣ Underground mapping market growth follows broader “digital twin” trend in infrastructure

Exodigo’s significant funding round reflects a rapidly expanding market opportunity, with the global underground utility mapping sector projected to grow from $1.13 billion in 2024 to approximately $1.91 billion by 2029 at a CAGR of 11.3% 1.

This growth is driven by increasing urbanization and the critical need to prevent costly damage during infrastructure projects, particularly in dense urban environments where utility strikes can cause cascading disruptions 2.

The company’s focus on combining AI with subsurface intelligence positions it within a larger trend toward creating comprehensive “digital twins” of physical infrastructure, which LightBox identifies as one of the top GIS technology trends for 2025 3.

The market’s expansion reflects a fundamental shift in how infrastructure projects are planned and executed, with North America currently representing the largest market share but Asia-Pacific regions showing the fastest growth potential 1.

2️⃣ Business model innovation disrupts traditional construction industry practices

Exodigo’s CEO highlights their shift from hourly billing to an outcome-based pricing model, representing a significant departure from construction industry norms 4.