Formic delivers Robots-as-a-Service (RaaS) automation to U.S. manufacturers, bundling hardware, deployment, continuous monitoring and maintenance under a low hourly fee. Its equipment-agnostic software uses AI for motion planning, predictive maintenance and system design, with customer dashboards and intuitive interfaces. In 2.5 years Formic’s fleet has completed 100,000 production hours at more than 99% uptime and expects another 100,000 hours in the next 170 days. The company plans to expand its standardized equipment fleet to shorten lead times, increase its U.S. support network to improve response times and enhance its AI-driven software. Formic reports fast growth across key operational metrics—7x robot production hours, 3x deployed systems, 2x customer base, 80% increase in repeat business, 4x faster deployment time, and a 97% renewal rate. Founded in 2020 and operating from Chicago, Formic positions its RaaS model as a way to remove capital and operational barriers to automation adoption.

Total raised

$27M

Funding rounds

1

Latest round

Series A

Latest activity

Jun 2024