Exodigo, the UK-based underground mapping technology startup, has raised $29 million in seed funding to develop nonintrusive mapping technologies.
Exodigo’s technology is set to revolutionize how mapping companies and governments determine the underground structures and assets. The financial backing obtained from the investors not only allows Exodigo to further develop and perfect its technology, but will also help them to expand their services and customer base.
Let’s take a closer look at the funding round.
Overview of Exodigo
Exodigo is a Robotic Process Automation (RPA) company that provides software solutions to make underground mapping safer and more efficient. The company has recently closed its first seed funding round of $29 million, which will help it further develop its existing technology and services.
Exodigo’s patented software and machine learning capabilities are designed to provide a non-intrusive approach to underground mapping in various industries, including civil engineering, infrastructure construction, energy exploration & production and forestry research. The company’s technology allows aerial scanning of the subsurface through 3D images and GIS data while avoiding the need to scrape the ground. This eliminates the need for costly excavation while providing accurate geophysical data at unprecedented speeds.
The seed funding round was backed by key venture capital firms including Lux Capital, Eclipse Ventures, Finistere Partners, F-Prime Capital Partners, Eniac Ventures, and some top executives in the tech industry. These venture firms recognize Exodigo’s potential growth as an industry leader in automated technologies with application across several industries. With these funds raised Exodigo plans to expand its leadership team and invest in research & development projects that could potentially revolutionize how many jobs are done today.
In addition to expanding its core business capabilities by developing more innovative software applications, Exodigo also plans to invest in strategic Alliance opportunities with organizations across various industries worldwide who are seeking out automated solutions for their businesses needs. By leveraging its latest technologies and products through smart partnerships and collaborative efforts with clients worldwide, Exodigo can generate more efficiency from their resources while increasing profits from new markets at scale, resulting in faster growth avenues for them on an international level.
Overview of the seed funding round
Exodigo is a company dedicated to finding underground mapping solutions that are nonintrusive and efficient. On May 18th, 2021, the company announced an impressive seed round of $29 million to help fuel their operations and grow their development goals.
The investment was led by a slew of venture firms and individual investors, including North Pond Ventures, Kleiner Perkins and several other high profile names with a sizable amount coming from Boston-based private equity firm Arcee Investment Group. With this fresh influx of cash, the company plans to expand its operations in terms of geographic reach as well as product development and marketing initiatives.
This series A+ capital injection is largely seen as a vote of confidence in the startup’s ability to deliver on its core mission statement which is essentially to provide a nonintrusive solution for underground mapping while making it compliant with current regulations around the world. This means that Exodigo’s technology practice must adhere strictly to laws already set out concerning privacy security, access control, and accuracy, among other things.
Additionally part of their goal is to raise awareness around safe use cases when it comes to various subsurface activities such as excavation construction mining drilling exploration etc. The money raised could also be utilized towards developing collaborations with established players in these industries strengthening existing relationships or acquiring new ones. All these initiatives should pave the way for companies like Exodigo to fully actualize their vision going further into 2021 and beyond.
Exodigo Digs Up $29 Million in Seed Funding to Make Underground Mapping Nonintrusive
Exodigo, the underground mapping technology developer, has recently secured a $29 million seed funding round. Multiple leading global venture capitalists and a few angel investors from various fields supported this round of funding. The funding will further Exodigo’s product development and support their global expansion.
Let’s look at the investors who joined Exodigo’s seed round of funding.
List of investors
Exodigo has just announced the successful completion of their seed funding round. This fundraising effort was heavily supported by a range of investors, who provided a substantial investment of $29 million US dollars.
This funding will now allow Exodigo to build on the work they have already done in creating advanced mapping technologies that can be used underground. The Enhanced Digital Mapping (EDM) technology created by Exodigo will make underground mapping easier and less intrusive than ever before possible.
List of Investors:
- Sequoia Capital
- Fidelity Investments
- Nimbus Ventures
- First Round Capital
- Mangrove Capital Partners
- Embarcadero Ventures
- Greycroft Partners
- Fresco Capital
- Lerer Hippeau Ventures
Overview of each investor
Exodigo, a data-driven company specializing in underground mapping technology, recently announced the completion of its Series A funding round with $29 million raised from investors including Bluewater Asset Management, Union Avenue Ventures, Owl Ventures, and Firecircle Ventures. The money will accelerate the development of Exodigo’s sensor technologies to map tunnels and underground spaces.
Bluewater Asset Management is an asset management firm offering credit, equity and derivatives focusing on small and medium-sized businesses. It has invested in various sectors including communications, transportation and mines where accurate mapping is essential.
Union Avenue Ventures primarily focuses on early-stage investments in tech companies in the New York metropolitan area. They have provided capital for a range of startups such as AEROport and Sightlines which specialize in drone technologies and urban air mobility respectively.
Owl Ventures is an early-stage venture capital firm that invests in education technology companies such as Blackboard Helpline LLC on behalf of 19 institutional limited partners. It targets startups within the US K12 market with potential for high return on investment.
Firecircle Ventures brings insight from veterans at successful startups such as AfterSchool Technologies and tech giants Google, Apple Inc., and Microsoft Corporation. They provide venture capital from seed stage through late-maturity investments favoring consumer technologies like those offered by Exodigo to supply data mapping solutions without intrusive user privacy constraints.
Use of Funds
Exodigo recently secured $29 million in seed funding to make underground mapping non intrusive. With this investment, the company looks to use the funds to develop its cutting-edge mapping technology, which promises to revolutionize how people map underground spaces. It will also enable them to create new partnerships and broaden their offering.
Let’s look at how Exodigo plans to use the funds.
Overview of how funds will be used
Exodigo, a startup specializing in technologies for mapping underground utilities, has closed a $29 million seed funding round from investors. This investment will allow Exodigo to expand its capabilities and offer new technologies that make mapping underground utilities safer, more accurate, and more efficient.
The company is currently focused on developing geospatial analysis tools that allow contractors to measure changes in terrain as they work underground. Additionally, Exodigo is using these funds to create proprietary software solutions to improve the quality of mapping data and facilitate collaboration between organizations and stakeholders interested in underground projects.
Exodigo plans to invest its seed funding towards research and development of new technologies for mapping utilities such as power lines, phone lines, water mains, sewers and other underground issues; this includes bespoke software solutions for cities and local organizations. Funds will also be allocated towards the creation of automated systems that accurately identify changes in terrain and provide real-time geospatial analysis during excavation activities. As such, Exodigo’s primary focus is leveraging its expertise in artificial intelligence (AI) to ensure the right people have access to the right information at any given time.
In addition to these investments in technology improvements and advancements in mapping efficacy, a portion of the seed funding will be used for marketing activities so Exodigo can connect with stakeholders worldwide.
Details of the underground mapping technology
Exodigo, a startup based in Brooklyn, has raised $29 million during their latest seed funding round. This investment will back the company’s mission to make underground mapping technologies non-intrusive and cost-efficient.
Exodigo uses an innovative combination of advanced robotics, autonomous navigation and 3D visualization technology to map out underground geology – from tunnels and caves to reliable aquifers for water supply systems. The robots collect detailed data about topography, soil composition and rock formations that would be too cost-prohibitive to measure via traditional methods. Through artificial intelligence and 3D scanning technology, Exodigo can map in real-time with extremely accurate results.
The funds will also be used for research and development in enabling the robots’ noninvasive mapping capabilities at both the macro-level (for large underground spaces) and micro-level (for smaller underground spaces). In addition, these funds will also help accelerate further development of real-time feedback technologies – allowing users to monitor progress of the beings ‘mapping actions’. At the same time, they’re still underground thanks to embedded sensors.
Exodigo’s $29 million seed funding will help the company invest in its technological infrastructure and drive product development.
This enhanced funding will help the company move forward with their ambitious plans to make underground mapping nonintrusive and more user friendly.
Let’s look at how this venture will benefit from this influx of funds.
Overview of plans
In response to securing the $29 million seed funding, Exodigo plans to roll out several improvements to their underground mapping technologies. The team is focusing on intelligent data technology and new types of sensors for more accurate representations of subsurface data. Furthermore, Exodigo aspires to incorporate artificial intelligence (AI) to make underground mapping more efficient and user-friendly.
Once these plans are complete, Exodigo will be one step closer to providing non-intrusive mapping solutions that can help with various issues from engineering and infrastructure planning to scientific research such as hydrology and geology that previously could only be accomplished by costly excavation projects.
Exodigo is looking into improving accuracy with point clouds while making its sensors easier to use and deploy faster in time-sensitive situations where locating utilities quickly is a priority. In addition, the company is also researching ways to lower equipment costs, enabling them to provide their services at an even more competitive price than before. Finally, the company needs better ways to deliver the vast amounts of data it collects during inspections or assessments back to users quickly and efficiently. To do this they are searching for methods such as cloud processing, AI assisted data analysis and map visualization to make the complex underground imaging process easier for clients from all industries.
Details of how the technology will be used
Exodigo has raised $29 million in seed funding to create an underground mapping technology that promises to revolutionize how our cities explore, understand, and interact with their underground infrastructure. This money will help Exodigo develop its suite of technologies, including autonomous mapping drones that fly through tunnels and magnetic sensors, as well as its software platform.
The technology will precisely and accurately map underground infrastructure, such as sewers and rail networks. It will provide a more comprehensive representation of properties and natural features below the ground. The data gathered by Exodigo’s in-tunnel drone systems can be stored in a permanent database for later use or shared with stakeholders to quickly identify issues or hazards before they become problems.
In addition to mapping tunnel systems, the technology can detect anomalies within those tunnels. For example, sensors embedded within the drone system can detect changes in temperature or pressure which may indicate obstructions or blocked lines. This information can help prevent accidents or emergencies by alerting stakeholders of potentially dangerous areas before vehicles are dispatched.
Using this technology to map large areas of our cities that were previously inaccessible or difficult to inspect or investigate has great implications for the safety of public transportation networks and increased efficiency during maintenance work on tunnel structures.
In conclusion, Exodigo’s seed funding round was a success, raising $29 million to create a more non intrusive underground mapping technology. This technology is set to revolutionize the industry. However, it is still too early to tell if this will have a lasting impact, as implementation and success are yet to be seen.