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We are excited to announce our participation in Exodigo’s $96 million Series B, bringing its total funding to $214 million. With headquarters in Palo Alto and Tel Aviv, Exodigo is a pioneer in underground mapping whose AI-powered platform fuses multi-sensor hardware and advanced imaging to generate precise underground maps that reveal hidden infrastructure without excavation. We were proud to join this oversubscribed round alongside Zeev Ventures and Greenfield Partners, with support from our partner, JIBE, an early Exodigo backer and a top Israeli early-stage fund.
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Undocumented underground utilities cause billions in delays, overruns, and hazards each year. With over $9 trillion in global infrastructure spending projected for 2025, Exodigo solves this urgent problem by eliminating guesswork to keep projects on time, on budget, and environmentally safer. Our investment in Exodigo, alongside existing portfolio companies Semperis and ViLabs, underscores our thesis that, despite the conflicts in the region, Israeli founders continue building some of the world’s greatest technology companies.
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Last month, Shield AI announced the second flight demonstration of its mission autonomy software, Hivemind, on a General Atomics Aeronautical Systems, Inc. (GA-ASI) MQ-20 Avenger. Conducted in a live-virtual-constructive (LVC) environment, the demonstration showcased Hivemind executing coordinated tasks between one live aircraft and its digital twin in a realistic mission scenario. This is an important achievement for Shield AI because it reflects the interoperability and adaptability necessary for future autonomy efforts. Congratulations to the entire team!
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In a guest post for Real Clear Markets, the Alpha team writes about how AI is shifting from scale to cost efficiency, accessibility, and real-world impact. The team notes that startups that optimize compute, embrace open-source tools, and focus on domain-specific ROI are gaining traction, citing Alpha portfolio company Pearl AI as an example. They also describe how this trend mirrors past tech cycles where infrastructure overbuilds to enable transformative applications, and that as proprietary models lose their moat, open ecosystems and capital-efficient approaches become the new standard.
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In a new Business Insider feature exploring the fallout from Windsurf’s broken deal with OpenAI and its unusual licensing arrangement with Google, Alpha Partners’ Steve Brotman weighed in on a larger trend reshaping the startup ecosystem. Brotman noted, “This isn’t a one-off, it’s part of a broader pattern where big tech hedges its bets. Licensing is faster, cheaper, and less political than full-on acquisitions, especially in an environment where regulatory scrutiny is intense.”
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Can innovation thrive outside the traditional tech epicenters like Silicon Valley? Aziz Gilani, General Partner at Mercury, certainly thinks so. In this episode of Driving Alpha, Aziz shares how Middle America is becoming home to billion-dollar enterprise software companies with staying power. He also discusses his journey from early tech jobs at Lotus and Infosys to helping Mercury scale its portfolio to over $9 billion in enterprise value.
Watch the episode +
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Can grit fuel smarter venture investments? From building startups to backing them, the journey from operator to investor reveals insights few get to see. In this episode of Driving Alpha, Eric Engineer, a Partner at S3 Ventures, shares how his experience as an operator shapes his approach to investing. From his early days at Trilogy Software and Microsoft to leading Invodo as CEO, Eric discusses the emotional and strategic lessons learned along the way. He also dives into what makes S3 Ventures unique, including its single-LP structure, and why that matters for founders navigating today’s funding environment.
Watch the episode +
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We are currently seeking portfolio company and growth equity investor speakers for our upcoming event on October 22, 2025. If you have insights to share or know someone who does, we’d love to hear from you.
Additionally, we are looking for sponsors to partner with us in making this event a success. Interested? Email hello@alphapartners.com.
Want to see what previous years were like? Check out these recaps of AlphaMarket 2023 and AlphaMarket 2024.
Register for AlphaMarket 2025
If you’re interested in attending AlphaMarket 2025, please click the RSVP button below. 1:1 virtual networking will begin later this year.
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We'd love to see you at one of our upcoming events.
Partner2Partner Breakfasts
- September 9: HOF Capital, New York City
- September 16: Rackhouse, San Francisco
- October 8: 8VC, San Francisco (SF Tech Week)
VC happy hour
- October 8: San Francisco (SF Tech Week)
If you are interested in attending or hosting a quarterly Partner2Partner Breakfast in New York, San Francisco, Miami, Los Angeles, Boston, Chicago, or Austin, please start here.
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Conferences we're attending
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- September 8-9: Aspen Venture Summit, Aspen
- September 9-11: Jefferies TechTrek, Tel-Aviv
- October 6-11: SF TechWeek
- October 13-19: LA TechWeek
If you're attending and want to schedule a 1:1, drop us a line at: hello@alphapartners.com
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Looking for an opportunity with a high-growth company that’s scaling to the moon? Know someone who is? Check out our career board for open positions across our portfolio of fantastic companies.
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Written by Palantir Co-founder Alex Karp (one of Time’s 100 Most Influential People of 2025), and his deputy, The Technological Republic is a critically-acclaimed and sweeping indictment of the West’s culture of complacency. It argues that timid leadership, intellectual fragility, and an unambitious view of technology’s potential in Silicon Valley have made the U.S. vulnerable in an era of mounting global threats.
Get your copy +
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Alpha Partners invests in growth-stage technology companies with more than $10 million in annual revenue. We help early-stage investors and VCs invest in their pro rata rights, sharing carry with them in $3 million to $20 million bite sizes.
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You’re receiving this email because you are active in growth equity and private tech investments, and indicated interest in updates from Alpha Partners. If you wish to opt out of our monthly newsletter, you can do so below.
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