Founded in 2020, Formic provides Robots-as-a-Service (RaaS) automation to U.S. manufacturers. Companies pay a low hourly rate for equipment, 24/7 monitoring, 100% maintenance and guaranteed performance rates (99%+ uptime) without the need for human and capital-intensive investments. By removing the financial and operational barriers to automation adoption, Formic allows manufacturers to increase productivity, safety, and quality faster than ever before, while achieving positive ROI on day one.
| Date | Amount | Type | Investors | Valuation |
|---|---|---|---|---|
| 06/25/24 | $27,400,000 | Series A |
Blackhorn Ventures Lorimer Ventures Mitsubishi HC Capital America NEC Corporation TransLink Capital | undisclosed |
