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EXODIGO CLOSES $105 MILLION SERIES A TO LEAD UNDERGROUND MAPPING REVOLUTION

Oversubscribed Growth Round Based on Proven Technology Platform and Strong
Market Traction With Utility, Transportation and Infrastructure Leaders Around
the Globe

TEL AVIV and PALO ALTO, CALIF. – February 27, 2024 —Exodigo, the artificial
intelligence (AI) innovator modernizing underground mapping, today announced the
close of a $105 million Series A round, converting $30 million previously
secured in SAFEs, for a total of $118 million in funding since its launch in
2022. Greenfield Partners and existing investor Zeev Ventures co-led the Series
A with participation from existing investors SquarePeg, 10D VC, JIBE and
National Grid Partners. Exodigo continues to lead a complete reinvention of
underground mapping and plans to use the new capital to further build out its
global team, accelerate the development of a self-service product line, and
support its expansion into new markets.

“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,” said Raz Mangel, Partner, Greenfield
Partners. “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.”

With more than 20 million miles of buried pipelines, cables and wires, the
Common Ground Alliance (CGA) estimates more than $30 billion in costs due to
hundreds of thousands of utility strikes each year across the United States
alone and Exodigo calculates that companies spend more than $100B each year on
unnecessary, and heavy-equipment-dependent, excavation and exploratory drilling.
Meanwhile, the built environment constitutes almost half of annual global CO2
emissions, making solving the underground both an economic and environmental
priority. Already helping dozens of customers around the world make capital
projects safer, greener and more efficient, Exodigo has changed how and when
companies seek out subsurface intelligence. Exodigo customers, including AECOM,
Colas Rail, GRDF, HNTB, Houston METRO, HS2, Israel Electric Corporation, LA
Metro, National Grid, PG&E, SEPTA, Tel Aviv Metro and VINCI, can now accelerate
and derisk their entire project lifecycle – avoiding unneeded emissions, risks,
delays and budget overruns.

“Exodigo has taken the underground mapping market by storm and established its
platform as the gold standard in comprehensive underground intelligence in just
two short years. There was absolutely no question that I would want to double
down on my investment based on the overwhelming demand it has been able to rally
from top leaders across the utility, transportation and infrastructure
communities,” said Oren Zeev, Founding Partner, Zeev Ventures. “Exodigo helps
companies see risks underground; meanwhile, I see no ceiling to the potential
for Exodigo as it continues to unearth enormous opportunities for growth by
expanding its solution offerings and proving its value across new markets.”

Exodigo provides the only complete, accurate picture of what lies beneath the
surface to mitigate financial, environmental, and safety-related risks.
Combining multiple types of powerful sensors, 3D imaging, cloud computing
simulations and a proprietary AI platform, Exodigo fuses massive amounts of data
into one, easy-to-read map so companies can see risks and assets underground. In
fact, Exodigo typically locates 20-30 percent more utility lines than premium
locators and reduces preliminary digging/drilling by up to 90 percent, so
construction teams only excavate where necessary.

“We want to transform the entire built world 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,” added Jeremy Suard, Co-Founder and CEO of Exodigo. “Some companies
crawl before they can walk, but we’ve been sprinting consistently since day one
and have no plans to stop the race. Thanks to the support of such dedicated
investors and advisors, our team will be able to keep meeting increasingly
complex customer needs as we dive deeper into the unknowns of the underground.”

Collecting over 500 GB of data per scanned acre and continually evolving its
algorithms to more accurately identify and categorize underground hazards and
assets, Exodigo also plans to use the funding to increase the depth accuracy and
precision of its scans as it readily integrates the latest advances in physics
and sensor technology. Exodigo is currently deepening its stronghold in Europe,
specifically in the UK, France and Italy, while continuing its leadership
position in Israeli and U.S. markets and exploring potential partnerships in new
markets.

Timed with the investment, Raz Mangel, Greenfield Partners, and Philippe
Schwartz, SquarePeg, will join Oren Zeev, Zeev Ventures, and Yahal Zilka, 10D,
on the Board of Directors. Exodigo’s Advisory Board includes internationally
recognized leaders, including Danny Glotter, Barak Kirschner, Peter Rogoff,
Michael Schneider, Lou Shipley, and Simon Wright.

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