Richmond Startup Takes Top Prize at Startup World Cup Final

Richmond-based EarthGrid won the $1 million investment at the Startup World Cup Final in San Francisco yesterday. Competing against 16 other startups worldwide, EarthGrid stood out with its innovative plasma tunnel-boring technology.

EarthGrid was pitched by the founder, Troy Helming.

“Winning the Startup World Cup is truly an honor, based on how many incredible companies presented both last night and in the previous rounds,” he says.

EarthGrid was founded in 2016, has raised $54 million in funding, and generated $400,000 in revenue by the end of 2023.

“The revenue is small because it took us seven years to develop the first machine,” Helming said in an interview with Silicon Valley Business Journal.

EarthGrid's plasma-powered machines bore tunnels 100 times faster than conventional methods while being more environmentally friendly. The technology uses clean energy to create tunnels without relying on explosives or hazardous chemicals typically used in traditional processes. Its plasma arc cuts through rock, soil, and concrete, leaving smooth tunnel walls that minimize the need for reinforcement, significantly reducing the cost of large-scale infrastructure projects.

The startup earned its spot in the final after winning the Silicon Valley regional pitch contest in August, where Helming impressed a panel of six venture capitalists. The Startup World Cup Final competition included many industries, with EarthGrid competing against companies such as Matregenix, an advanced nanofiber manufacturer, and IronYun, an AI video search provider.