Formic
Chicago robots-as-a-service provider that designs, installs and maintains automation for US manufacturers, who pay by the hour instead of buying the equipment.
Formic, which announced its first round as Formic Technologies, was founded in September 2020 by chief executive Saman Farid and Misa Ikhechi and is based in Chicago. It builds automation systems for US factories with robots from makers such as Universal Robots, FANUC, KUKA and ABB and charges customers by the hour, while it handles design, deployment, programming and maintenance. In January 2022 it announced a $26.5 million Series A led by Lux Capital with Initialized Capital, Correlation Ventures, Lorimer Ventures, One Planet VC and other strategic investors; it said it was then valued at more than $100 million and had secured access to more than $100 million of debt capital to buy equipment. In June 2024 it announced a further $27.4 million led by Blackhorn Ventures with Mitsubishi HC Capital America, NEC, Translink Capital, Alumni Ventures, FJ Labs, Lux Capital, Initialized Capital and Lorimer Ventures, which it said brought Series A funding since January 2022 to more than $52 million. In that release Formic said its systems had completed 100,000 production hours at more than 99 percent uptime, that 75 percent of its customers were automating material handling for the first time and that its renewal rate was 97 percent.
- Latest funding
- $27.4M
- Total funding
- $53.9M
- Latest valuation
- —
- Founded
- 2020
- Country
- United States
- Jun 25, 2024Series A extension$27.4M
- Jan 18, 2022Series A$26.5M