TLDR:
- Formic, a provider of robots-as-a-service (RaaS) automation to U.S. manufacturers, raised $27.4M in Series A funding.
- Investors include Blackhorn Ventures, Mitsubishi HC Capital America, NEC, and others.
Formic, based in Chicago, IL, secured $27.4M in Series A funding led by Blackhorn Ventures, with participation from Mitsubishi HC Capital America, NEC, Translink Capital, and other investors. The company plans to use the funds to expand its fleet of standardized equipment, increase its network of support experts, and enhance its robotic automation software that leverages artificial intelligence. Formic, led by CEO Saman Farid, delivers supported robotic automation at a low hourly rate with continuous monitoring and maintenance. In 2.5 years, the company’s fleet has completed 100,000 production hours with a high uptime, and a joint commercial agreement was announced with Mitsubishi HC Capital America. This funding will enable Formic to further penetrate the U.S. manufacturing market and continue providing innovative automation solutions.
