Formic Technologies designs, develops and maintains industrial robots and automation systems, focusing on tasks such as palletizing and packaging. The company combines proprietary software with hardware deployments to provide optimized automation solutions tailored to individual client needs, primarily serving small and medium-sized businesses. It bundles these solutions with a financing model and subscription-based service to lower the upfront and ongoing burden of robot deployment and maintenance. Formic offers deployment, installation and maintenance services to accelerate automation adoption in manufacturing. The company says it will use the investment to develop a new business model that makes its automation solutions more accessible to customers. Formic is based in Chicago, Illinois; the amount of the recent investment was not disclosed. Formic delivers fully supported Robots-as-a-Service automation to U.S. manufacturers, handling deployment, continuous monitoring, maintenance and guaranteed performance rates. Founded in 2020 and based in Chicago, the company charges customers a low hourly rate that removes capital and operational barriers to automation adoption. In 2.5 years Formic’s fleet completed 100,000 production hours at more than 99% uptime and expects another 100,000 hours in the next 170 days; it reports rapid growth in deployed systems, customers and repeat business. Formic highlights a 97% renewal rate and says 75% of its customers are automating material handling for the first time. The company plans to expand its standardized equipment fleet, increase its U.S. support network to shorten response times, and enhance its equipment-agnostic AI-driven motion-planning, predictive maintenance and customer-facing software. These moves are intended to accelerate deployment timelines and broaden access to automation for small- and mid-size manufacturers. Formic Technologies provides turnkey robotic solutions to American manufacturers via a Robots-as-a-Service (RaaS) model, delivering, installing, and maintaining robots billed by the hour. It sources equipment from partners such as Universal Robots, FANUC, KUKA and ABB and owns the programming, installation, and servicing so customers avoid upfront investment. The company emphasizes systematized deployment and in-house equipment financing to reduce complexity and cost for factories. Early customers include Polar Manufacturing and Georgia Nut, and Formic positions its offering to address labor shortages and supply-chain pressures. Financially, Formic raised a $26.5 million Series A, has secured access to more than $100 million of debt capital, and is valued at over $100 million. The company has expanded its board and management team to scale rapid deployments.

Total raised

$154M

Funding rounds

4

Latest round

Series A

Latest activity

Jun 2024