Exodigo, which leverages a multi-sensor and AI platform for non-intrusive underground discovery, said it completed an accelerator program run by Suffolk Technologies, a venture capital investor in real estate and construction technology platforms, in what could represent a significant market breakthrough for Exodigo.
Exodigo was one of seven startups selected out of 212 global applicants to participate this year in the BOOST accelerator program operated by Boston-based Suffolk that is designed to ignite growth and equip pioneering built environment startups with the tools and connections to transform the industry. Completing the program allows Exodigo, which has offices in Tel Aviv and San Francisco, to begin “commercial engagement on several projects” with Suffolk, Exodigo said.
Aurelia Sutton, Chief Business Officer at Exodigo, explained the significance of the news to Fierce Electronics. “Suffolk deploys billions of dollars of projects every year.” Sutton said. “Underground challenges represent around 5% of project cost and we, Exodigo, intend to capture this market. While our relationship is just starting, only one project can represent millions in revenues in underground services.”
Sutton added, “We hope to establish partnership across various programs and expand from one project to another based on successful results, as we’ve proven with similar companies in this vertical.”
Completion of Suffolk’s BOOST program comes after Exodigo had engaged in a number of pilot projects in which it demonstrated how its platform could quickly map sub-surface areas to help construction and utility firms to more quickly plan and address excavation needs without costly mistakes in digging. Through the ongoing commercial collaboration with Suffolk, Exodigo will provide underground mapping services for use cases from hospitals to airports spanning several states, including California, New York and Texas.
According to Parker Mundt, Vice President of Platform at Suffolk Technologies, "We were excited to work with Exodigo through the BOOST program because the technology platform has the potential to transform the way the entire industry designs and builds. The company’s unique approach to non-intrusive underground discovery is already improving the way capital projects are conceived, built and executed by offering accurate insights that mitigate risk throughout the project lifecycle. We're excited to explore further opportunities for collaboration and are confident that Exodigo will continue to push the boundaries of what's possible in our industry."
The latest announcement comes after Exodigo last year landed funding from National Grid Partners.