Formic Revolutionizes Manufacturing with $27.4 Million Funding
June 26, 2024, 3:35 am
Location: United States, Illinois, Chicago
Employees: 51-200
Founded date: 2020
Total raised: $53.9M
Formic, a leader in Robots-as-a-Service (RaaS) automation for U.S. manufacturers, secures $27.4 million in Series A financing to drive innovation and growth in the industry. With a focus on simplifying automation and increasing productivity, Formic aims to democratize access to cutting-edge technology for manufacturers across the country.
Formic, a game-changer in the manufacturing sector, has raised $27.4 million in Series A funding to fuel its mission of bringing automation to more manufacturers. Led by Blackhorn Ventures, with support from key investors like Mitsubishi HC Capital America, NEC, and Translink Orchestrating Future Fund, Formic is poised to revolutionize the industry.
The company's Robots-as-a-Service (RaaS) model eliminates the traditional barriers to automation adoption, offering manufacturers a cost-effective and efficient solution to their production challenges. By providing fully supported robotic automation at a low hourly rate, Formic ensures seamless deployment, continuous monitoring, and maintenance to guarantee success.
In just 2.5 years, Formic's fleet of robotic equipment has completed an impressive 100,000 production hours with over 99% uptime, showcasing the reliability and effectiveness of their technology. With plans to expand their fleet of standardized equipment, increase their network of support experts, and enhance their robotic automation software, Formic is committed to driving innovation and growth in the manufacturing sector.
CEO Saman Farid emphasizes the importance of simplifying automation for manufacturers facing labor challenges, highlighting the need for accessible and user-friendly solutions. With automation becoming a necessity for manufacturers to thrive in the evolving industry landscape, Formic's innovative approach is set to transform the way businesses operate.
By partnering with industry leaders like Mitsubishi HC Capital America, Formic is paving the way for small- and mid-size manufacturers to embrace automation and unlock their full potential. Through innovative financing solutions and a comprehensive managed service model, Formic is empowering businesses to rethink their manufacturing processes and drive growth.
With a focus on increasing productivity, safety, and quality, Formic is on a mission to help manufacturers achieve positive ROI from day one. By leveraging artificial intelligence for motion planning, predictive maintenance, and system design, Formic's equipment-agnostic robotic automation software sets a new standard for efficiency and performance in the industry.
As Formic continues to grow and expand its reach, the company's commitment to simplifying automation and driving industry innovation remains unwavering. With a strong foundation of support from investors and partners, Formic is poised to lead the charge in revolutionizing manufacturing and empowering businesses to thrive in the digital age.
Formic, a game-changer in the manufacturing sector, has raised $27.4 million in Series A funding to fuel its mission of bringing automation to more manufacturers. Led by Blackhorn Ventures, with support from key investors like Mitsubishi HC Capital America, NEC, and Translink Orchestrating Future Fund, Formic is poised to revolutionize the industry.
The company's Robots-as-a-Service (RaaS) model eliminates the traditional barriers to automation adoption, offering manufacturers a cost-effective and efficient solution to their production challenges. By providing fully supported robotic automation at a low hourly rate, Formic ensures seamless deployment, continuous monitoring, and maintenance to guarantee success.
In just 2.5 years, Formic's fleet of robotic equipment has completed an impressive 100,000 production hours with over 99% uptime, showcasing the reliability and effectiveness of their technology. With plans to expand their fleet of standardized equipment, increase their network of support experts, and enhance their robotic automation software, Formic is committed to driving innovation and growth in the manufacturing sector.
CEO Saman Farid emphasizes the importance of simplifying automation for manufacturers facing labor challenges, highlighting the need for accessible and user-friendly solutions. With automation becoming a necessity for manufacturers to thrive in the evolving industry landscape, Formic's innovative approach is set to transform the way businesses operate.
By partnering with industry leaders like Mitsubishi HC Capital America, Formic is paving the way for small- and mid-size manufacturers to embrace automation and unlock their full potential. Through innovative financing solutions and a comprehensive managed service model, Formic is empowering businesses to rethink their manufacturing processes and drive growth.
With a focus on increasing productivity, safety, and quality, Formic is on a mission to help manufacturers achieve positive ROI from day one. By leveraging artificial intelligence for motion planning, predictive maintenance, and system design, Formic's equipment-agnostic robotic automation software sets a new standard for efficiency and performance in the industry.
As Formic continues to grow and expand its reach, the company's commitment to simplifying automation and driving industry innovation remains unwavering. With a strong foundation of support from investors and partners, Formic is poised to lead the charge in revolutionizing manufacturing and empowering businesses to thrive in the digital age.