Formic Announces Automation Fundraising Result

Formic, a provider of Robots-as-a-Service (RaaS) automation for U.S. manufacturers, announced it has raised another $27.4 million in Series A financing led by Blackhorn Ventures with participation from Mitsubishi HC Capital American, NEC, Translink Capital, Alumni Ventures, FJ Labs, Lux Capital, Initialized Capital and Lorimer Ventures. This new funding brings the total Series A round to more than $52 million since January 2022.

Formic delivers fully supported robotic automation at a low hourly rate, including deploying the system and providing continuous monitoring and maintenance throughout the engagement to ensure success. In 2.5 years, Formic’s growing fleet of robotic equipment has completed 100,000 production hours at more than 99 percent uptime, with another 100,000 hours expected in the next 170 days (See more milestones below). With the new financing, Formic plans to:

• Expand its fleet of standardized equipment to provide more automation to more manufacturers, offering rapid deployment and shorter lead times (75 percent of Formic customers are automating their material handling processes for the first time);
• Increase its network of support experts across the U.S., enabling even faster customer response while continuing to uphold industry-leading maintenance service level agreements (SLAs); and
• Enhance its equipment-agnostic robotic automation software that leverages artificial intelligence (AI) for motion planning, predictive maintenance and system design, as well as more intuitive customer interfaces and dashboards.

An MIT report shows only 10 percent of U.S. manufacturers leverage automation in their production facilities. With U.S. manufacturing needing as many as 3.8 million new employees by 2033, and 1.9 million of these jobs could go unfilled, automation becomes a must-have for manufacturers to thrive. 

Formic also announced a joint commercial agreement with Mitsubishi HC Capital and U.S.-based Group Company Mitsubishi HC Capital America. The two companies will collaborate to source and finance the entire lifecycle of Formic’s RaaS model, an all-encompassing managed solution for manufacturing automation.

For more information, visit https://formic.co.